Barramundi 2021 Annual Report

ANNUAL REPORT
2021
30 JUNE

03 About Barramundi
06 Directors’ Overview
10 Manager’s Report
16 The STEEPP Process
18 Barramundi Portfolio Stocks
26 Board of Directors
27 Corporate Governance
Statement
33 Directors’ Statement of
Responsibility
34 Financial Statements
53 Independent Auditor’s Report
57 Shareholder Information
59 Statutory Information
62 Directory
CONTENTSCALENDAR
Next Dividend Payable
Interim Period End (1H22)
24 SEPTEMBER 2021
31 DECEMBER 2021
Annual Shareholders’ Meeting
Ellerslie Event Centre, Auckland
10:30am
15 OCTOBER 2021
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This report is dated 6 September 2021 and is signed on behalf of the Board of
Barramundi Limited by Alistair Ryan, Chair, and Carol Campbell, Director.
Alistair Ryan, Chair Carol Campbell, Director
ABOUT BARRAMUNDI
Barramundi Limited (“Barramundi” or “the Company”) is a listed investment
company that invests in growing Australian companies. The Barramundi portfolio
is managed by Fisher Funds Management Limited (“Fisher Funds” or “the
Manager”), a specialist investment manager with a track record of successfully
investing in quality, growth companies. Barramundi listed on NZX Main Board on
26 October 2006 and may invest in companies that are listed on an Australian stock
exchange (with a primary focus on those outside the top 20 at the time of investment)
or unlisted companies.
INVESTMENT OBJECTIVES
The key investment objectives of Barramundi are to:
• achieve a high real rate of return, comprising both income and capital growth,
within risk parameters acceptable to the directors; and
• provide access to a diversified portfolio of Australian quality, growth stocks through
a single tax efficient investment vehicle.
INVESTMENT APPROACH
The investment philosophy of Barramundi is summarised by the following broad
principles:
• invest as a medium to long-term investor exiting only on the basis of a fundamental
change in the original investment case;
• invest in companies that have a proven track record of growing profitability; and
• construct a diversified portfolio of investments, based on the ‘STEEPP’ investment
criteria (see pages 16 and 17).
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Dividends paid during the year ended 30 June 2021 (cents per share)
Total for the year ended 30 June 2021 – 6.00 cents per share (2020: 5.56 cps)
DIVIDENDS PAID
25 September
2020
1.34
18 December
2020
1.45
26 March
2021
1.58
25 June
2021
1.63
For the 12 months ended 30 June 2021
AT A GLANCE
$52.3M
Net profit
+41.6 %
Gross performance return
+83.3%
Total shareholder return
As at 30 June 2021
$1.10
Share price
$0.87
NAV per share
+37.6%
Adjusted NAV return

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As at 30 June 2021
SECTOR SPLIT
As at 30 June 2021
LARGEST INVESTMENTS
9%
CSL Limited
7%
Carsales.com
6%
SEEK
6%
Wisetech
5%
Commonwealth
Bank
Financials 25%
Healthcare 22%
Information Technology 20%
Communication Services 19%
Consumer Discretionary 5%
Industrials 4%
Consumer Staples 4%
The Barramundi portfolio also holds some cash
These are the five largest percentage holdings in the Barramundi portfolio. The full Barramundi portfolio and percentage holding
data as at 30 June 2021 can be found on page 15.

DIRECTORS’ OVERVIEW
“Total shareholder
return
1
was 83%,
with net profit at
a record $52.3m
for the 2021
financial year . . .
an excellent return
for shareholders
despite the
prevailing market
uncertainties”
Alistair Ryan
Chair
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For the 2021 financial year, the Barramundi
portfolio recorded a net profit after expenses
and tax of $52.3m, which equated to an
adjusted NAV return of 37.6%
2
. Barramundi’s
gross performance return was 41.6%
3
, well
ahead of the Company’s benchmark (S&P/ASX
200 Index (hedged 70% to NZD) 28.1%
4
for the
12-month period to 30 June 2021.
Over the course of Barramundi’s 2021 financial year,
the Australian sharemarket, along with most global
markets, continued to recover the performance that
had initially been erased during the worst of the
Covid-19 pandemic. The ASX 200 Index demonstrated
resilience by starting the 2021 calendar year only a
few percentage points shy of its all-time highs and this
year’s 2021 reporting season has seen many Australian
companies, across all industries, deliver positive
earnings surprises, with 60% of companies beating
market expectations
7
.
Barramundi has benefited from the strong Australian
sharemarket rally, with most of the portfolio
investments generating strong returns. The Barramundi
team’s continued focus on the STEEPP process, and the
rigour and analytical discipline that goes with that, has
seen the portfolio deliver significant gains.
Shareholders have experienced a strengthening share
price over the 2021 financial year, with the share price
rising almost 60%. As a result, the total shareholder
return, which includes the change in share price,
dividends paid per share and the impact of warrants
was 83.3%
1
for 2021, (2020: 21.6%).
REVENUES AND EXPENSES
The 2021 net profit result comprised gains on
investments of $53.9m, dividend, interest and other
income of $3.3m, less operating expenses and tax
of $2.4m and a performance fee of $2.5m. Overall
operating expenses were $2.5m higher than the
previous year (2020), principally due to the capped
performance fee.
The Barramundi portfolio achieved a return in excess
of both the performance fee hurdle (the change in
the Bank Bill Index rate plus 7%) and the High Water
Mark (the highest net asset value at the end of the
previous financial year in which a performance fee was
paid, adjusted for changes in capital). The performance
fee earn rate was renegotiated down from 15% to 10%
in FY19 and capped at 1.25%. The performance fee cap
applies for FY21.
DIVIDENDS
Barramundi continues to distribute 2.0% of average net
asset value per quarter. Over the 12-month period to
30 June 2021, Barramundi paid 6.0 cents per share in
dividends. The next dividend will be 1.69 cents per share,
payable on 24 September 2021 with a record date of 9
September 2021.
Barramundi has a dividend reinvestment plan which
provides ordinary shareholders with the option to
reinvest all or part of any cash dividends in fully paid
ordinary shares. Full details of the dividend reinvestment
plan
5
can be found in the Barramundi Dividend
Reinvestment Plan Offer Document, a copy of which
is available at www.barramundi.co.nz/investor-centre/
capital-management-strategies/.
WARRANTS
Barramundi has a regular warrant programme. On 5
October 2020, 52.5m new Barramundi warrants were
allotted. One new warrant was issued to all eligible
shareholders for every four shares held on the record
date (2 October 2020). The warrants are exercisable on
29 October 2021 at $0.70 per warrant, adjusted down
for dividends declared during the period up to the
announcement of the 29 October 2021 Exercise Price.
SHARE BUYBACKS
Share Buybacks
6
are another part of Barramundi’s capital
management programme. During the 12 months to
30 June 2021, the share price to NAV discount did not
exceed 8% and there were therefore no buybacks during
F Y21.
ANNUAL SHAREHOLDERS’ MEETING
The 2021 annual meeting will be held on Friday 15
October at 10:30am at the Ellerslie Event Centre in
Auckland and online. All shareholders are encouraged
to attend, with those who are unable to attend invited
to cast their vote on Company resolutions prior to the
meeting.
1
Total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting
any warrants into shares, and the dividends paid to shareholders. It assumes all dividends are reinvested in the Company’s dividend
reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry date.
2
The adjusted net asset value return is the underlying performance of the investment portfolio adjusted for dividends, (and other capital
management initiatives) and after expenses, fees and tax.
3
Gross performance return – the Manager’s portfolio performance in terms of stock selection and currency hedging before expenses,
fees and tax. It is an appropriate return measure for assessing the Manager’s performance against an index or benchmark.
4
S&P / ASX 200 index (hedged 70% to NZ$).
5
Participation forms for the Dividend Reinvestment Plan (DRP) can be obtained by contacting either Barramundi or Computershare Investor
Services Limited.
6
Shares purchased under the buyback programme are held as treasury stock and subsequently reissued to shareholders under the dividend
reinvestment plan.
7
Per Goldman Sachs Report.
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DIRECTORS’ OVERVIEW CONTINUED
COMPANY PERFORMANCE
FOR THE YEAR ENDED 30 JUNE20212020201920182 0 175 YEARS
(ANNUALISED)
Total Shareholder Return83.3%21.6%15.5%10.1%6.2%24.7%
Adjusted NAV Return37. 6%10.6%5.6%22.6%2.7%15 .1%
Dividend Return
1
6.6%8.5%8.8%8.9%8.6% -
Net Profit$52.3m$12.5m$7. 4 m$20.5m$2.7m -
Basic Earnings per Share24.82cps6.44cps4.40cps12.99cps1.82cps -
OPEX ratio3.3%2.0%2.0%3.7%2.1% -
OPEX ratio (before performance fee)1.7%1.8%2.0%1.8%2.1% -
AS AT 30 JUNE20212020201920182 0 17
NAV (as per financial statements)$0.87$0.68$0.69$0.71$0.64
Adjusted NAV$2.59$1. 89$1.70$1.61$1.32
Share Price$1.10$0.69$0.63$0.60$0.60
Warrant Price$0.35 -$0.02 -$0.01
Share Price (Premium)/Discount to NAV
2
(36.8%)(1.5%)8.7%15.5%6.3%
DIRECTOR RETIREMENT – CARMEL
FISHER
After fifteen years as a director of Barramundi Limited,
Carmel Fisher retired from the board, effective from 6
August 2021.
Carmel is proud to have launched and overseen the
management of Barramundi. She has stated that it has
been a privilege to have worked with an outstanding
team of people, both at the Manager (Fisher Funds)
and with her fellow directors. While Carmel has
decided that it is time to move on after many years
of direct involvement, she has full confidence in the
board and Manager and, as a significant shareholder,
looks forward to the continued success of Barramundi.
D IR ECTO R E LECT I O N
The board has, effective 1 July 2021, appointed David
McClatchy as an independent director, replacing
Carmel Fisher. In accordance with the Barramundi
constitution and NZX Listing Rules, David will stand
for election at this year’s Annual Shareholders’
Meeting. The board unanimously endorses David’s
election.
DIRECTOR RE-ELECTION
Carol Campbell, director since 2012 and Chair of
the Barramundi Audit and Risk Committee, retires
by 3-year rotation at this year’s annual meeting and
will stand for re-election. The board unanimously
endorses Carol’s re-election.
CONCLUSION
The 2021 financial year has been a strong year for
Barramundi and one of recovery for the Australian
sharemarket. Just how sharemarkets will perform,
in what continues to be a highly uncertain Covid-
influenced environment, will be played out in
the months ahead. The board is pleased at the
Manager’s continued focus on investing in quality
companies which have continued to grow and yield
satisfying returns for shareholders.
We would like to thank you for your continued
support and look forward to seeing many of you at
our annual meeting in October.
On behalf of the board,
Alistair Ryan, Chair
Barramundi Limited
6 September 2021
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NON-GAAP FINANCIAL INFORMATION
Barramundi uses the following non-GAAP measures:
• adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation
decisions after expenses, fees and tax,
• adjusted NAV return – the net return to an investor after expenses, fees and tax,
• gross performance return – the Manager’s portfolio performance in terms of stock selection and currency
hedging before expenses, fees and tax,
• total shareholder return – the return combines the share price performance, the warrant price performance, the
net value of converting any warrants into shares, and the dividends paid to shareholders. It assumes all dividends
are reinvested in the Company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if
they were in the money), at warrant expiry date,
• OPEX ratio – the percentage of Barramundi’s assets used to cover operating expenses, excluding tax and
brokerage, and
• dividend return – how much Barramundi pays out in dividends each year relative to its average share price
during the period. (Dividends paid by Barramundi may include dividends received, interest income, investment
gains and/or return of capital).
All references to the above measures in this Annual Report are to such non-GAAP measures. The calculations applied
to non-GAAP measures are described in the Barramundi Non-GAAP Financial Information Policy. A copy of the policy
is available at http://barramundi.co.nz/about-barramundi/barramundi-policies/.
TOTAL SHAREHOLDER RETURN
Oct
2007
Oct
2006
Oct
2008
Oct
2009
Oct
2010
Oct
2011
Oct
2012
Oct
2013
Oct
2014
Oct
2015
Oct
2016
Oct
2017
Oct
2018
Oct
2019
Oct
2020
Share Price/Total Shareholder Return
$
1.00
$
1.50
$
2 .00
$
2 .50
$
3 .00
$
3 .50
$
4.00
$
0.50
$
0.00
Share Price Total Shareholder Return
PORTFOLIO PERFORMANCE
FOR THE YEAR ENDED 30 JUNE20212020201920182 0 175 YEARS
(ANNUALISED)
Gross Performance Return41.6%13.5%10.0%24.3%6.0%18.4%
Blended Index
3
28 .1%(6.6%)10.2%14.9%14.7%11.7%
Performance Fee Hurdle
4
7. 3%8.2%9.0%9.0%9.2%
NB: All returns have been reviewed by an independent actuary.
1
Barramundi’s dividend return is calculated by dividing the dividends paid in a given year by the average share price for that
year. (The dividend policy of paying a quarterly dividend that is 2% of average NAV has been consistently applied).
2
Share price (premium)/discount to NAV (including warrant price on a pro-rated basis).
3
Blended index: S&P/ASX Small Ords Industrial Gross Index until 30 September 2015 & S&P/ASX 200 index (hedged 70% to
NZ$) from 1 October 2015. Returns shown gross in NZ$ terms.
4
The performance fee hurdle is the Benchmark Rate (NZ 90 Day Bank Bill Index +7%).
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MANAGER’S REPORT
Robbie Urquhart
Senior Portfolio Manager
“This has been
a great year for
Barramundi, especially
when we consider
the backdrop of the
COVID-19 pandemic
that continues to
overshadow the
g l o b e.”
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SUMMARY AND MARKET REVIEW
For the year ending 30 June 2021, the Barramundi
portfolio delivered a gross performance return (the
return before expenses, fees and tax) of 41.6%. This is
well in excess of the 28.1% for the benchmark S&P/ASX
200 Index (70% hedged into NZ$).
The financial year began with many countries including
Australia in various states of pandemic related lockdown.
Assisted by significant fiscal and monetary stimulus, the
sharp market rebound and nascent economic recovery
from the March 2020 lows were underway. Following
the shock of COVID-19, companies had begun to get to
grips with the changed operating environment. They had
begun altering their operations accordingly.
From the start of July to the end of October 2020, the
ASX200 Index rose +1.5%. Performance was led by
companies well placed to navigate a ‘locked down’
world such as those in the Information Technology
sector (+22.3% in this period). Healthcare (+1.5%)
companies also proved resilient. Uncertainty over the
duration of stringent lockdowns, such as those imposed
in Victoria, as well as uncertainty about the effectiveness
and delivery timetable of COVID-19 vaccines, tempered
the performance of sectors that benefit more from a
cyclical recovery. These included Energy (-15.9% in the
period), Industrials (-4.1%) and Financials (-1.1%).
This all changed in early November 2020 when strong
positive data about the efficacy of vaccines was received
from a number of COVID-19 vaccine providers. Investor
confidence that vaccines would reduce the impact of the
virus, enabling countries to re-open and the economic
recovery to take root, lifted sharply. Along with this,
long-term interest rates rose strongly as the market
began pricing in higher inflation expectations linked to
this recovery. The Australian 10-year government bond
yield lifted from 0.83% in October to a peak of 1.92% in
February 2021 before subsiding to 1.53% by the end of
June 2021.
The market shifted its focus to companies that would
benefit strongly from economies ‘re-opening’ as well
as from increasing inflation and higher interest rates. A
number of financials and commodity/materials producers
were beneficiaries of this trend. Share prices of many
Information Technology and Healthcare companies,
which were not seen to benefit as much from these
trends, tended to do less well.
This change in sentiment helped drive the ASX 200
Index up +25.9% (in A$) from November through to
the end of the financial year. Financials (+37.1% over
this time), Communication Services (+33.7%), Consumer
Discretionary (+30.7%) and Materials (+27.9%) drove this
strong performance.
A lot of the strong performance from companies in
these sectors was realised between November and
March when positive ‘re-opening’ and ‘rising inflation’
sentiment was at its highest.
THE BARRAMUNDI PORTFOLIO
YEAR IN REVIEW
Our investment philosophy, leads us to be more heavily
invested in high quality and growing businesses rather
than those companies more closely tied to shorter-term
gyrations in the economic cycle.
Given the market backdrop, it is not surprising that the
Barramundi portfolio performed strongly from June to
the end of October, rising +11.6% (gross) in this time.
We were equally pleased with Barramundi’s resilience
from November to June 2021, where it kept pace
with the ASX 200 Index when the more economically
cyclical companies tended to outperform. In this period,
Barramundi rose +25.6% (gross) in comparison to the
ASX200 Index which rose +26.4%. The blend and mix of
companies across different sectors in the portfolio stood
Barramundi in good stead.
THE BANKS ADDED BALANCE AND
CONTRIBUTED MEANINGFULLY TO
BARRAMUNDI RETURNS IN THE
YEAR
So for example, while the banks won’t grow their
earnings as quickly as other portfolio companies, they
are high quality businesses. They added balance to the
portfolio and contributed strongly to returns during
these periods when interest rates and inflation concerns
were rising. Over the full financial year, ANZ returned
+59.9% (in A$), CBA +48.4%, NAB +49.3% and
Westpac +49.5%.
The banks entered the pandemic with their balance
sheets in the strongest shape they had been in for
decades. This allowed them to give thousands of
customers mortgage or interest payment ‘holidays’ as
the economic fallout from the pandemic took root. The
banks were a key member of ‘team Australia’, along
with the Government, and the Reserve Bank of Australia
(RBA). The Government injected significant fiscal
stimulus into the economy through business subsidy
programmes such as Jobkeeper. The RBA provided
significant monetary policy stimulus.
Combined, these actions all helped households and
businesses bridge the economic chasm wrought by the
pandemic. As a consequence, the feared explosion in
bad debt charges never materialised for the banks. As
the economy began recovering, the banks seamlessly
increased their lending to meet rising customer demand
for credit, which in turn helped to further boost the
economic recovery. This contributed to the strong
rebound seen in the banks’ share prices.
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MANAGER’S REPORT CONTINUED
This was a rare example where government, central
banks and business stood together in a time of need.
Households and businesses across Australia benefitted.
TEAM AUSTRALIA SOWED THE
SEEDS FOR A STRONG SHARE
MARKET REBOUND AS THE
ECONOMY RE-OPENED
This underpinned the strong rebound in share
prices of debt/credit management business Credit
Corp (+92.9%) and outdoor advertising company
oOH!Media (+92.3%). Both companies are exposed to
the domestic Australian economy and their share prices
had suffered when the pandemic unfolded.
In a like vein, 4x4 accessories manufacturer ARB
Corporation (+87.5%) and Domino’s Pizza (+78. 2%)
also benefitted from rising consumer sentiment and
spending. In ARB’s case, with international travel off
the agenda, demand for vehicles and accessories rose
as consumers travelled and took holidays domestically.
Domino’s did a superb job across all its countries in
meeting increased demand for pizza deliveries as
socially distanced consumers stayed home when ‘eating
out’.
Remote working seems to be one of the enduring
consequences of the pandemic. This shift in how
companies operate has accelerated the ‘digitisation’ of
commerce. Wisetech (+65.3%) is a strong beneficiary
of this trend. Wisetech provides software that helps
logistics companies (such as DHL or Mainfreight)
automate the transportation of goods across the world
for their clients. This includes booking space for a
container to be put onto a ship, tracking the shipment
to its end destination and simplifying the filing of
necessary documents such as customs clearance forms.
Two Wisetech customers rolled out its software across
their global operations in each of FY2019 and FY2020.
This accelerated to six new global rollouts announced
during FY2021. This is a sharp uplift in customer usage
of its software.
Similarly, Xero (+52.2%) stands to benefit from small
and medium-sized companies increasing their use of
online-based accounting software. We were impressed
with how Xero moderated its ‘growth’ agenda over
the last year. With heightened COVID-19 uncertainty
impacting its clients at the start of the financial year,
Xero reined in advertising and marketing spend. It
decided that it was better off focusing on increasing
product functionality to help existing clients than
chasing new clients in those months. So product
development spend was increased, but advertising was
decreased. This led to a slowdown in new subscriber
growth rates but a boost in profitability and cash flow
in the first half of the year.
As its customers adapted to working during the
pandemic, Xero once more went on the marketing
offensive, increasing marketing spend substantially in
the second half of the financial year. Xero also began
lifting prices for its software (alongside a rollout of the
product enhancements developed earlier in the year).
This resulted in an outstanding increase in subscriber
growth for Xero in the latter part of the year. Although
profit margins fell (because of increased marketing
spend), this bodes well for long-term profit growth.
It was pleasing to see Xero adjust its spending in the
changing environment. At the same time, management
never lost sight of the long-term picture – growing its
customer base profitably and generating long-term
value for shareholders.
HAVING EXCELLED DURING 2020,
SHARE PRICE RETURNS OF
HEALTHCARE COMPANIES LAGGED
DURING FY2021
It seems a bit churlish to call out our healthcare
companies as laggards in the year.
As we discussed last year, our healthcare companies
excelled during the initial stages of the pandemic.
They perform a critical function for society, and their
earnings proved resilient in a volatile environment. Their
strong FY2020 share price returns reflected this.
In 2021, investor attention shifted to those companies
which benefit more strongly from the re-opening
economy. Our healthcare companies, such as pathology
business Sonic Healthcare (+29.7%), Resmed
(+19.9%) and industrial business Ansell (+21.1%) w h i c h
manufactures protective equipment, still performed
exceptionally well for shareholders. However, relative
to a very strong performance from other portfolio
companies they did ‘less well’. We would note each of
these companies, is well positioned to keep growing
once the pandemic is in the rear-view mirror.
Bellwether plasma products business, CSL (+0.4%)
has been similarly well run throughout this arduous
environment. However, COVID-19 related lockdowns
and consumer cautiousness has reduced the amount
of plasma it has been able to collect, impacting its
growth. This is a near-term phenomenon, and will be
resolved in time. Collections have begun to increase
and we expect these trends to continue through the
rest of calendar year 2021.
Like CSL, demand for Nanosonics (-13.9%) ultrasound
probe disinfectant products was impacted by reduced
patient admissions into hospitals during the past year.
This too will likely prove to be short term. We expect
the growth in sales to keep picking up as economies re-
open and hospital access and patient admissions return
to normal.
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KEY PORTFOLIO CHANGES IN THE
YEAR
Relative to the prior year, we made few changes in
terms of portfolio positioning. We added two new
companies, Audinate and Fineos, to the portfolio
which we discuss below.
We increased our weighting in Next DC and Wisetech.
The outlook for both businesses has improved due to
the accelerated ‘digitisation’ of business.
We sold our position in Link Administration (discussed
below) and reinvested the proceeds into our existing
portfolio companies. This included increasing our
weighting in supermarket operator Woolworths.
In June 2021, Woolworths completed the de-merger
of its Endeavour retail drinks and hospitality (pubs/
clubs) business in Australia. For each share we owned in
Woolworths, we received one Endeavour share as part
of the de-merger.
We own Woolworths primarily because we like
the strong position of its core supermarket division
(Woolworths supermarkets in Australia and Countdown
in New Zealand). Endeavour was not a core part of our
investment thesis. Once it listed, we sold our Endeavour
shares and also reinvested the proceeds into topping up
our Woolworths shareholding.
AUDINATE AND FINEOS: FRESH
GROWTH IMPETUS FOR THE
PORTFOLIO
Audinate’s proprietary technology (known as Dante) has
been established as the technology standard for digital
professional audio networking systems globally. Sound
system products (speakers, amplifiers, mixers) that are
enabled by Dante technology can distribute digital
audio signals across networks of audio equipment in
many different settings. These include in corporate
offices, houses of worship and transport systems such
as Sydney trains. These products are also found in
venues such as the Boston Convention and Exhibition
centre and sports stadiums such as the Minneapolis
baseball stadium, Target Field.
Audinate’s technology is underpinning a global
structural shift from expensive analogue to far cheaper
digital audio networked systems. This transition is at an
early stage, thereby offering Audinate many years of
growth in front of it.
Audinate’s technology has become the industry
standard, putting it in an enviable competitive position.
So for example, for speakers from one manufacturer
to be linked up digitally with microphones made
by another, they both need this Dante technology.
This has created a virtuous circle of increasing the
demand for Dante technology, entrenching it in audio
equipment product cycles. If everyone else is using Dante
technology, a manufacturer is unlikely to try a new
competing technology.
Audinate is expanding the appeal of Dante technology
by investing in educating sound technicians about the
technology. There are over 120,000 Dante certified
sound technicians globally. During the pandemic,
Audinate rapidly increased its education campaigns.
These technicians are likely to advocate for Dante-
enabled products to be used in the workplace. This
education lays the groundwork for greater adoption of
its products in the future.
Fineos was the second new addition to the portfolio
in the year. Led by founder (and majority shareholder)
Michael Kelly, Fineos is a leading provider of policy
administration systems software to insurance companies
operating in the Life, Accident & Health (LA&H)
insurance industry. Its “key Claims” product helps
insurance companies efficiently process associated health
insurance related claims.
Fineos counts some of the leading insurers in the USA,
Australia and ACC in NZ amongst its client base. The
LA&H industry is in the early stages of switching from
legacy mainframe-centric systems to digital products like
those offered by Fineos. Fineos’ software is assessed as
a market leader. The company is well positioned to grow
its client base and has a substantial runway of growth in
front of it.
Since it listed on the stock market in 2019, Fineos
has added to its track record in successfully winning
new customer contracts and through rising use of
its software by existing customers. It has successfully
converted customers from using the on-premise version
of Fineos’ software to the cloud-based version.
A PROPOSED TAKEOVER GAVE
US A GOOD OPPORTUNITY TO
SELL OUR LINK ADMINISTRATION
SHAREHOLDING
Low interest rates (and ample government and central
bank stimulus) have spurred companies and investors
to borrow significant amounts of money cheaply (at
historically low interest rates). This has led to a boom in
acquisitions that has also helped underpin the rally in
shares over the year.
Within our portfolio, Link Administration (+49.1%)
received a pair of non-binding, indicative proposals from
bidders in late 2020.
Link had shown signs of investment thesis drift over
the previous few years. Its scale advantage of being the
largest (lowest cost) outsourced funds administration
provider in the Australian market was not as strong as
we had initially assessed. Link was unable to increase
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MANAGER’S REPORT CONTINUED
the prices of its services despite its scale and cost
advantage. In other words, its customers’ bargaining
position was stronger than we had expected. In
addition, we underestimated the influence the
Government could have on the superannuation
sector. In a surprise move, the Australian Government
announced a few meaningful changes to the
superannuation system in 2018 (and again in response
to COVID-19) which had the net effect of reducing
Link’s profitability. Link had also bolstered its earnings
growth by acquiring businesses over the years, some of
which did not live up to expectation.
Consequently, when the takeover activity resulted in
Link’s share price increasing close to our assessment of
a fair valuation, we sold our shares.
SALE OF ARB SHARES DRIVEN
BY OUR CAUTION OVER ARB’S
SUSTAINABLE GROWTH RATE AND
VALUATION
During the year, we also exited our shareholding in
ARB (+ 8 7. 5%).
ARB has been a strong beneficiary of the COVID-19
led government stimulus. This boosted demand
for its products in many markets over the last year.
With international travel off the agenda, demand for
ARB’s 4x4 accessories soared as consumers travelled
domestically. It benefitted from pent up demand for
new 4x4s / SUVs in Australia, and was also assisted by
one-off tax breaks for new vehicles.
The increase in ARB’s share price suggests to us
that the market expects this increased growth rate
in earnings to be permanent. However, we view
this uptick in demand as cyclical and temporary. As
economies open up, supply chain disruptions ease and
COVID related tax breaks roll off, in 2022 we believe
the company’s growth rate will subside.
We like ARB as a company, hold management in high
regard and value its strong position in the niche 4x4
accessories market. We suspect it may re-appear in the
portfolio at some point, but for now we have moved it
into our fishing pond.
INVESTMENT SUMMARY AND
OUTLOOK
Along with global share markets, the ASX200 has been
buttressed by significant fiscal and monetary policy
stimulus by the Australian Government and the RBA.
Team Australia has acted in a decisive, co-ordinated
fashion. This has resulted in the Australian economy
and ASX share prices recovering far faster and more
strongly than anticipated in March 2020.
The Australian domestic economy has proved resilient.
Unemployment has fallen quickly. The potential
increase in bad debts that was feared by many, has not
materialised.
Both Australia and NZ have been blessed with lower
COVID-19 infection rates than many countries abroad.
However in comparison to countries leading the
vaccination roll-out statistics, Australia and NZ have
been slow to dispense vaccines. At the time of writing,
Sydney and New South Wales have recently entered
into a lockdown as the state battles to control its worst
surge in COVID infections since the pandemic began.
This suggests that both countries will remain vulnerable
to outbreaks of new variants of the virus. Both countries
will be restricted from fully re-opening until the domestic
vaccination roll-outs are largely complete.
With this note of caution, we nevertheless remain
optimistic as we start the new financial year. The global
economy continues to recover from the pandemic.
Where there are set-backs, governments and central
banks stand ready to step in and provide additional
stimulus – as they did in 2020. With interest rates low,
and ample funding available, we have seen a boom in
mergers and acquisitions activity. This is likely to remain
supportive for share markets.
Companies are generally not as cheap as they were
a year ago, however earnings prospects have also
generally improved.
It is worth reiterating that Barramundi is invested in
a blend of high quality, growing companies across a
range of industries. Our portfolio companies are well
run and typically provide customers with critical goods
and services. This makes our portfolio performance less
reliant on any one specific economic scenario. This also
gives us confidence in our portfolio companies’ ability to
grow their earnings over the longer term.


Robbie Urquhart, Senior Portfolio Manager
Fisher Funds Management Limited
6 September 2021
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PORTFOLIO HOLDINGS
SUMMARY AS AT 30 JUNE 2021
Company
%
Holding
Ansell3.7%
ANZ Banking Group4 .1%
AUB Group4.6%
Audinate Group1.9%
Brambles4.2%
Carsales6.9%
Commonwealth Bank5.5%
Credit Corp3.1%
CSL8.5%
Domino's Pizza2.7%
Fineos Corporation Holdings2.6%
Nanosonics2.3%
National Australia Bank3.5%
NEXTDC4.2%
Ooh! Media2.0%
PWR Holdings2.7%
REA Group4 .1%
ResMed4.7%
SEEK6.0%
Sonic Healthcare2.7%
Westpac4 .1%
Wise Tech Global5.7%
Woolworths Group3.6%
Xero Limited5.3%
Equity Total98.7%
Australian cash0.0%
New Zealand cash0.5%
Total Cash0.5%
Centrebet Rights0.0%
Forward foreign exchange contracts0.8%
Total 100.0%
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STRENGTH OF
THE B USINESS
What is the company’s
competitive advantage? Is it
sustainable? Is the company a
market leader? Does it have a
dominant position? A strong
business is one that can maintain
its profit margins by employing a
unique strategy.
TR A CK
RECORD
How has the company performed
in the past? Has the company
performed under the same
management team? Has it grown
organically or by acquisition? How
did the company react during a
downturn? Fisher Funds prefers to
buy established companies that
have executed well in the past.
EARNINGS
HISTO R Y
How fast has the company
been able to grow its earnings
in the past? How consistent
has earnings growth been?
Fisher Funds prefers to buy
companies that exhibit secular
growth characteristics where the
company has proven its ability
to provide a high or improving
return on invested capital.
Fisher Funds employs a process that it calls STEEPP to analyse existing and potential portfolio
companies. This analysis gives each company a score against a number of criteria that Fisher Funds
believes need to be present in a successful portfolio company. All companies are then ranked
according to their STEEPP score to broadly determine their portfolio weighting (or indeed whether
they make the grade to be a portfolio company in the first place).
The STEEPP criteria are as follows:
STE
THE STEEPP PROCESS
Applying this STEEPP analysis, Fisher Funds constructed a portfolio
for Barramundi which comprised 25 securities as at 30 June 2021.

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EARNINGS GROWTH
FORECAST
What is the company’s earnings
growth forecast over the next
three to five years? What is the
probability of achieving the
forecast? What does Fisher Funds
expect the company’s earnings
potential to be? Fisher Funds
notices that too many analysts
focus on short-term earnings. As
long-term growth investors, Fisher
Funds thinks about where the
company’s earnings could be in
three to five years.
PEOPLE/
MANAGEMENT
Who are the management team
and how long have they been in
their roles? Who are the directors,
what is their history with the
company and what do they bring
to the board? What is the depth of
management in the organisation
and is there a succession plan for
the key executive roles? Do the
management team own shares
in the business and how are
they rewarded? Has the board
and management exhibited
good corporate behaviour in the
areas of environmental, social
and governance considerations?
For Fisher Funds, the quality of
the company management and
its corporate governance is of
paramount importance.
PRICE/
VALUATION
How much of the future earnings
growth is already reflected in
the share price? Where does the
current share price sit in relation
to Fisher Funds’ worst to best case
valuation range? A company will
generate a higher score where the
market price currently reflects little
of that company’s upside potential.
EPP

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WHAT DOES IT DO?
AUB Group operates a network
of 73 general insurance
brokers across Australia and
New Zealand that is focused
on the small to medium-sized
business market. Allied to this,
it has 31 specialist underwriting
agencies, Australian and New
Zealand independent broker
management groups and a 40%
stake in BizCover, Australia’s
leading digital small to medium
business insurance platform.
WHY DO WE OWN IT?
We like AUB’s owner-driver
business model where member
firms are strongly incentivised
to grow. The insurance broking
industry continues to offer
acquisition opportunities for
AUB and there are on-going
benefits from its focus on
optimising the performance
of its existing broker network
and allied operations. The
combination of adding more
firms to its network, long-term
organic growth in the insurance
market and the benefits of scale
should continue to drive healthy
earnings growth for AUB over
time.
+ 57 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
THE BARRAMUNDI
PORTFOLIO STOCKS
WHAT DOES IT DO?
Ansell designs, develops,
manufactures and markets a
wide range of personal protective
equipment (predominantly gloves)
for use in various industrial and
manufacturing activities and in
healthcare. It is essentially an
industrial materials business that
transforms natural rubber latex and
synthetic latex into these value-
added products. It is a leading
player (#1 or #2) in all its key
market segments.
WHY DO WE OWN IT?
Ansell has an attractive
combination of businesses that
benefit when the world economy
grows and those that enjoy
relatively resilient demand even
when economies are weak. We
expect the company’s earnings to
grow over time as better health
and safety standards are adopted
in emerging markets and as it
successfully differentiates its
products from the commodity-end
of the markets it serves through
both branding and product
innovation. A heightened focus on
hygiene standards as a result of the
COVID-19 virus has led to increased
demand for Ansell’s products,
a large proportion of which we
expect will be sustained.
WHAT DOES IT DO?
Australia and New Zealand Banking
Group Limited (ANZ) has significant
retail and business banking
operations in its home markets
of Australia and New Zealand. It
has a leading agricultural banking
business in New Zealand.
WHY DO WE OWN IT?
Along with the other major
Australian banks, ANZ enjoys
a supportive industry structure
and has a wide economic moat.
The major banks’ scale, capital
strength, regulatory expertise,
technology and brands constitute
significant barriers to entry for
potential competitors, allowing
the banks to earn healthy returns
on their capital. As the economy
continues recovering following
the COVID-19 lockdowns in 2020,
we’d expect the Australian banks
to increase dividends and capital
returns to shareholders.
+21 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
The following is a brief introduction to each of your portfolio companies, with a description
of why Fisher Funds believes they deserve a position in the Barramundi portfolio. Total share
return is for the year to 30 June 2021 and is based on the closing price for each company plus any
capital management initiatives. For companies that are new additions to the portfolio during
the year, total share return is from the first purchase date to 30 June 2021.
+60%
TOTAL SHARE RETURNTOTAL SHARE RETURN
Total share returns in Australian dollar terms sourced from Bloomberg.

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+8%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+ 16 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Brambles is a supply-chain
logistics company operating in
more than 50 countries. The
group specialises in the pooling
of unit-load equipment and
associated services, primarily
the outsourced management of
pallets (CHEP). Over 75% of the
company’s revenue is derived from
the fast-moving consumer goods,
beverage and fresh produce
sectors.
WHY DO WE OWN IT?
Although Brambles is a capital-
intensive business, it generates
attractive returns on capital. It is
difficult for potential competitors
to replicate the scale of Brambles’
pallet pool (around US$4 billion)
and its extensive service centre
network. Moreover, there is
considerable IP in managing the
flow of pallets through the supply
chain and keeping control of the
assets. We expect sound growth
from Brambles for many years
to come as the penetration of
pooled, rental pallets continues
to increase in developed markets
and as modern supply chains are
established in emerging markets.
WHAT DOES IT DO?
Carsales owns a network of
classified advertising websites
in Australia and internationally,
including South Korea (Encar) and
Brazil (Webmotors). Carsales has
recently acquired a shareholding
in Trader Interactive, a company
with the leading campervan
and powersports (jet skis, snow
mobiles) advertising portals in the
US.
WHY DO WE OWN IT?
Carsales is the largest online
vehicle advertiser in its core
markets including now in the
US through Trader Interactive.
Consumers looking to buy vehicles
look on Carsales’ websites
because that’s where they’ll get
the largest selection to choose
from. Similarly, sellers of vehicles
have to advertise there because
that’s where the buyers are. This
virtuous circle puts Carsales in a
very strong position and makes it
really hard for the competition to
encroach on its dominance. Well
led, Carsales is a strong business
with attractive growth prospects
in a number of countries across
the world.
WHAT DOES IT DO?
Audinate is the leading provider
of professional digital audio
networking technologies.
Audinate’s technology, branded
as ‘Dante’, distributes digital audio
signals over computer networks.
It is sold to and incorporated in
professional sound equipment
produced by global manufacturers
(such as speakers and amplifiers).
Dante technology is displacing
more expensive analogue
networking technology.
WHY DO WE OWN IT?
Dante technology has become
the standard technology globally
for digital networking of sound
systems. For products from one
manufacturer (say speakers) to be
digitally networked with products
from another manufacturer (say
a microphone), both products
need the Dante technology.
This creates a virtuous circle of
demand for Dante technology as
more and more sound systems
are digitally networked. This
acts as a significant competitive
advantage and helps cement
Audinate’s leading position in
the development of the digital
professional audio networking
market. Analogue systems are at
an early phase of displacement.
As such Audinate has a long
runway of growth in front of it,
which we like.
+54%
TOTAL SHARE RETURNTOTAL SHARE RETURN

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WHAT DOES IT DO?
Commonwealth Bank of
Australia (CBA) operates a
leading banking franchise in
both Australia and New Zealand
and has a strong presence in all
spheres of retail and business
banking. CBA has built a very
profitable portfolio of assets
and positioned itself to benefit
from key growth areas in the
Australian economy. The bank
also enjoys an enviable scale
advantage in gathering deposits,
allowing it an important source
of stable and low-cost funding.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, capital
strength, regulatory expertise,
technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn
healthy returns on their capital.
CBA’s significant share in core
Australian lending and deposit
gathering should ensure it
continues to profit and grow
over time. As the economy
continues recovering following
the COVID-19 lockdowns in
2020, we’d expect the Australian
banks to increase dividends and
capital returns to shareholders.
WHAT DOES IT DO?
Credit Corp purchases and then
collects, on its own account,
portfolios of defaulted debt.
These are primarily bought
from banks. The company has
leveraged its understanding
of the sub-prime market to
build a consumer lending
business that focuses on credit
impaired borrowers. It also has
a developing US purchased debt
ledger (PDL) operation.
WHY DO WE OWN IT?
Credit Corp has a strong
reputation with Australia’s major
banks and with compliance
authorities that protect consumer
interests. The company has an
outstanding senior management
team that has demonstrated
pricing discipline, excellent
capital allocation, a focus on
operational improvement and
maintenance of a conservative
balance sheet. Together these
have enabled Credit Corp to
retain the leading share of the
Australian PDL market while its
main competitors have suffered
from self-inflicted difficulties.
The Australian PDL business
is mature, but Credit Corp’s
Consumer Lending and US
PDL businesses provide further
significant growth opportunities.
+48 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
+93%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+0.4%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
CSL is a leader in the growing
global plasma therapies market,
with therapies that address
severe autoimmune and nerve
degeneration conditions. CSL
owned Seqirus is a leading
developer, manufacturer and
distributor of influenza vaccines
globally.
WHY DO WE OWN IT?
CSL’s therapies address
conditions for which drug trials
are typically difficult to conduct,
giving existing companies with
approved therapies a tremendous
advantage. As a result, CSL enjoys
healthy returns on capital and
strong earnings growth over
very long product lifecycles. In
addition to owning several leading
therapies, CSL has historically and
continues to invest significant
resources in plasma supply and
research and development,
securing future earnings growth.

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+78 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
-11%
TOTAL SHARE RETURNTOTAL SHARE RETURN
-14%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Fineos is a leading provider of
policy administration systems
software to the Life, Accident &
Health (LA&H) insurance industry.
Its Claims product is used by 7 of
the top 10 LA&H insurers in the
US and 6 of the top 10 insurers
in Australia, as well as ACC and
Partners Life in NZ.
WHY DO WE OWN IT?
LA&H insurers are in the early
stages of switching from legacy
mainframe centric systems to
fully digital solutions like those
offered by Fineos. Fineos’s core
Claims product is best in class,
mission-critical software. It is
well-positioned to keep winning
contracts and increase penetration
within existing clients.
WHAT DOES IT DO?
Domino’s Pizza Enterprises is the
master franchisor of the Domino’s
brand in Australia, New Zealand,
France, Belgium, the Netherlands,
Germany, Denmark, Japan and
Taiwan (pending). The company
has revolutionised the pizza
restaurant industry in its key
markets by focusing on meeting
consumer taste, convenience and
value needs.
WHY DO WE OWN IT?
A store count that is targeted to
double by 2033, combined with
expectations of sound same store
sales growth, means Domino’s is
well placed for solid growth for
many years to come. The business
has significant scale, technology
expertise and a powerful brand,
all of which combine to create
a formidable barrier to entry for
potential competitors. Its strength
in delivery has been advantageous
over the COVID-19 pandemic
and has enabled it to capture
new customers, many of whom
will continue to purchase from
it even as life returns to normal.
With the strong growth Domino’s
has delivered in its existing
territories, it is also positioned to
obtain further master franchise
opportunities in new regions.
WHAT DOES IT DO?
Nanosonics has developed an
innovative technology for point of
use, high-level disinfection. The
company’s first product to market,
the Trophon, is revolutionising
disinfection in the sonograph
market and is now being
distributed globally by Nanosonics
and in partnership with leading
companies like GE Healthcare and
Phillips.
WHY DO WE OWN IT?
Hospitals, medical facilities and
healthcare regulators around the
world are increasingly focused
on preventing infection through
more stringent disinfection
requirements. With a strong patent
portfolio and the first product to
market, the Trophon, Nanosonics is
well-positioned for healthy future
earnings growth.

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WHAT DOES IT DO?
Ooh! Media is a leading Out of
Home advertising company. It has
a network of more than 37,000
digital and static assets (billboards,
screens) located across Australia
and New Zealand. Its locations
include roadsides, retail centres,
airports, train stations, bus stops,
office towers, cafes, bars and
universities. The advertising space
provided by Ooh!’s billboards and
screens is sold to advertisers to
enable them to reach consumers
as they move around in their daily
lives.
WHY DO WE OWN IT?
The advertising industry is
characterised by increasing
audience fragmentation and the
disruption of traditional broadcast
media (print, free-to-air TV and
radio) by new media, like online
and mobile. In contrast to these
other traditional broadcast
media, Out of Home advertising
is ubiquitous and unavoidable.
It is therefore a powerful and
growing broadcast medium for
advertisers. At the same time, a
range of technological advances
is further increasing its attraction
for advertisers. Digital screens
enable more flexible, sophisticated
and tailored interaction with
audiences.
BARRAMUNDI PORTFOLIO STOCKS CONTINUED
WHAT DOES IT DO?
Next DC is a high-quality data
centre operator. It currently
operates nine data centres across
Australia and has commenced
earthworks on two more. Next
DC provides only the data centre
infrastructure within which its
customers can locate their servers.
Next DC has built a reputation
as a leading provider of quality
data centres that meet the strict
requirements of its customers.
WHY DO WE OWN IT?
Next DC benefits from the
strong secular growth trends
in cloud computing, data use
and connectivity. The Australian
cloud services market has grown
significantly and still has a long
way to go. The growth in demand
for cloud services has been
accelerated by the COVID-19
crisis. Assisted by this tailwind,
Next DC’s earnings should
multiply as the capacity of its
existing data centres becomes
fully utilised and as the capacity
of its new data centres comes
on-stream over the next couple
of years.
WHAT DOES IT DO?
National Australia Bank (NAB)
is one of Australia’s “big four”
banks. It operates a leading
banking franchise in both
Australia and New Zealand and
has a strong presence in all
spheres of retail and business
banking. NAB has a formidable
stable of brands supporting its
top tier position in both deposit
gathering and lending.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, regulatory
expertise, technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn
healthy returns on their capital. As
the economy continues recovering
following the COVID-19
lockdowns in 2020, we’d expect
the Australian banks to increase
dividends and capital returns to
shareholders.
+49 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
+2 0 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
+92%
TOTAL SHARE RETURNTOTAL SHARE RETURN

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+60%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+58%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+20%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
ResMed is a global leader in the
treatment of sleep disordered
breathing conditions like
obstructive sleep apnea and
other respiratory conditions like
chronic obstructive pulmonary
disease (“COPD”). It designs,
manufactures and distributes
a range of cloud-connected
devices such as CPAP flow
generators and ventilators, and
their associated consumables like
masks and tubing. It develops
and operates the cloud-based
platforms to which these devices
are connected. These enable
patients, physicians, equipment
providers and payers to monitor
and manage treatment.
WHY DO WE OWN IT?
ResMed has large addressable
markets that will provide it with
a long-growth runway. There are
more than 400 million people
globally with moderate to severe
sleep apnea, yet even in well-
established markets like North
America, less than 20% of suffers
are being treated. Moreover,
aging and obesity are increasing
the prevalence of this disorder.
Similarly, there are more than
380 million people with COPD.
As the number of people on
treatment rises over time,
demand for the regular resupply
of consumables such as masks
increases, which gives ResMed
a very defensive revenue stream
and a very strong competitive
position.
WHAT DOES IT DO?
PWR specialises in manufacturing
cooling solutions for global
high-end motorsport teams such
as Formula One, NASCAR and
Formula E. PWR is recognised as
a world leader when it comes
to high performance cooling
and it has used its expertise to
win a number of contracts to
provide cooling solutions for
high-priced limited run supercar
manufacturers such as Aston
Martin and Porsche.
WHY DO WE OWN IT?
PWR has a culture of innovation
and invests a meaningful
proportion of its revenues back
into researching and developing
new cooling solutions each year.
We think this not only keeps PWR
at the forefront of its existing
markets but has the potential to
broaden PWR’s customer base
to include companies in other
industries.
WHAT DOES IT DO?
REA operates the leading online
classified real estate advertising
portal in Australia. It also holds
significant holdings in market
leading property portals in the
United States and India, and has
interests in similar businesses in
five South East Asian countries.
WHY DO WE OWN IT?
In Australia, REA operates in a
largely duopolistic market. It
benefits from a strong network
moat. Close to 100% of real
estate agents in Australia
advertise for sale and for rent,
residential and commercial
properties on its portals.
Its residential property site,
realestate.com.au, has the largest
and most engaged audience
in Australia with 115m visits
per month, 3.3x its nearest
competitor. REA is a strong
business with attractive growth
prospects both domestically and
offshore.

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WHAT DOES IT DO?
Westpac is Australia’s oldest bank
and corporation. It operates a
leading banking franchise in both
Australia and New Zealand and has
a strong presence in all spheres
of retail and business banking.
Westpac has a formidable stable
of brands supporting its top tier
position in both deposit gathering
and lending.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, regulatory
expertise, technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn healthy
returns on their capital. As the
economy continues recovering
following the COVID-19
lockdowns in 2020, we’d expect
the Australian banks to increase
dividends and capital returns to
shareholders.
BARRAMUNDI PORTFOLIO STOCKS CONTINUED
+52%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+30%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+50%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
SEEK is the largest global online
employment marketplace.
Operating across Australia, New
Zealand, South East Asia, China,
Brazil, Mexico, Bangladesh and
Africa, SEEK’s employment
marketplaces are exposed to
approximately 2.9 billion people
and more than 25% of global GDP.
WHY DO WE OWN IT?
In Australia and New Zealand,
SEEK has a strong competitive
position by virtue of being “front
of mind” for job seekers. There
are 16m profiles registered on
SEEK, more than 85% of the
ANZ labour force. 31% of job
placements in ANZ are on SEEK’s
website. This is five times its
nearest competitor. SEEK is a
highly effective marketplace for
jobseekers and hirers to meet.
Its domestic and international
investments give SEEK exposure
to faster growing, less mature
employment and adjacent
markets.
WHAT DOES IT DO?
Sonic Healthcare is a leading
global provider of medical
diagnostic services. It is a global
leader in pathology testing, and a
significant player in the Australian
diagnostic imaging market.
WHY DO WE OWN IT?
The combination of an ageing
population, an increasing focus
on preventative medicine and
more effective diagnostic tests
drives Sonic’s substantial long-
term growth opportunity.
Regulated medical prices are
typically set to allow small
independent companies to make
a reasonable profit, which allows
Sonic to achieve significant
additional profitability from its
substantial scale. Sonic’s facilities
across its various markets have
also been critical in helping
process COVID-19 related tests
during the pandemic.

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+65%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+24%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+52%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
WiseTech Global is a logistics
software business with a presence
in key global regions and with
key global customers. Its main
product, Cargowise One, offers
clients a complete suite of logistics
services and general business
solutions. An early lead in the
freight forwarding software
domain confers a key technology
advantage over competing
software systems, increases
customer switching costs and
establishes a nascent network
benefit to participants using its
technology.
WHY DO WE OWN IT?
While increasing trade flows
are supportive, customers need
better technology to help them
manage greater supply chain
complexity, comply with more
onerous regulation and address
vociferous competition. WiseTech
is an early leader in an industry
with low penetration of a clear
internet-based technology
solution, making for significant
growth prospects should the
company retain its leading
position in the sphere.
WHAT DOES IT DO?
Woolworths Group operates the
largest food retailer in Australia.
It also operates New Zealand’s
second-largest food retailer,
Countdown, and Australian
discount department store chain
Big W.
WHY DO WE OWN IT?
Woolworths Group is a leading
player in two of the most highly
consolidated food markets
globally in Australia and New
Zealand. This favourable
competitive structure and the
scale advantages afforded by
its extensive store network
have underpinned Woolworths’
industry-leading profit margins.
WHAT DOES IT DO?
Xero is the market leading
provider of cloud-based
accounting software for small-
to-medium businesses and their
accountants in NZ, Australia and
the UK, with growing presences
in the US and other markets
such as SE Asia and Africa.
WHY DO WE OWN IT?
Xero’s software is best in class
and it continues to pioneer
innovative new functionality to
attract and retain customers. As
a result, Xero has a significant
share of the cloud-based
accounting software market and
is growing subscriber numbers
rapidly. Xero’s software is critical
for sound management of
accounts in small and medium-
sized businesses, leading to high
retention of customers from
one year to the next. The size
of the ultimate opportunity for
Xero is significant and there are
many years of material growth
ahead given ongoing regulatory
changes such as the enforced
requirement for businesses
to file taxes digitally. This is
accelerating the decisions by
businesses to adopt cloud-based
accounting systems.

ALISTAIR RYAN MComm (Hons), FCA
Chair of the Board
Chair of Remuneration and Nominations Committee
Independent Director
For the past 10 years, Alistair Ryan has been a
professional director in the listed and unlisted sectors
in New Zealand. Prior to 2012, Alistair was a senior
executive with SKYCITY (various roles including
CFO) and, before SKYCITY, a partner with Ernst and
Young Auckland. He is a director of Kingfish, Marlin
Global and a member of the FMA’s Audit Oversight
Committee. During 2020, Alistair retired as a director
of Metlifecare and Kiwibank. He is a Fellow of
Chartered Accountants Australia and New Zealand
and his principal place of residence is Auckland.
Alistair was first appointed to the Barramundi board
on 10 February 2012.
DAVID McCL ATCH Y BCom
Independent Director
David McClatchy is an experienced company
director who has extensive investment management
experience across New Zealand and international
markets over the last 35 years. David is a director
of Kingfish and Marlin Global. Before returning
to New Zealand in 2019, David was Group Chief
Investment Officer for Insurance Australia Group and
Director and Head of IAG Asset Management. Prior
to this, David had a 16-year career with ING as Chief
Executive and Chair of ING Investment Management
in Australia and Chief Investment Officer and Director
of ING New Zealand. David’s principal place of
residence is Tauranga.
David McClatchy was first appointed to the
Barramundi board on 1 July 2021.
CAROL CAMPBELL BCom, FCA, CMInstD
Chair of Audit and Risk Committee
Independent Director
Carol Campbell is an experienced company director
who has a sound understanding of efficient board
governance and extensive financial experience.
Carol is a director and Chair of the Audit and Risk
committees of Kingfish and Marlin Global, and Chair
of the Audit and Risk committee of Barramundi. Carol
also holds a number of directorships across a broad
spectrum of companies including T&G Global, New
Zealand Post, Chubb Insurance New Zealand and
NZME, where she is also the Chair of the Audit and
Risk committees, and she is a director of Kiwibank.
Carol is a Fellow of Chartered Accountants Australia
and New Zealand. Carol had her own chartered
accountancy practice for 11 years after a successful
career as a partner at Ernst & Young for over 25
years. Carol’s principal place of residence is Auckland.
Carol was first appointed to the Barramundi board on
5 June 2012.
BOARD OF DIRECTORS
ANDY COUPE LLB, CMInstD
Chair of Investment Committee
Independent Director
Andy Coupe has extensive commercial and capital
markets experience having worked in a number of
sectors within the financial markets over the last 30
years. Andy was formerly a consultant in investment
banking at UBS New Zealand Limited, where his
role principally encompassed equity capital markets
and takeover transactions involving numerous initial
public offerings and secondary market transactions.
Andy is a director of Kingfish, Marlin Global, Briscoe
Group and Coupe Consulting. He is also Chair of the
New Zealand Takeovers Panel and Chair of Television
New Zealand. Andy’s principal place of residence is
Tamahere, Hamilton.
Andy was first appointed to the Barramundi board on
1 March 2013.
Alistair RyanAndy CoupeCarol CampbellDavid McClatchy
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FOR THE YEAR ENDED 30 JUNE 2021 AND CURRENT AS AT THE DATE OF
THIS ANNUAL REPORT
CORPOR ATE
GOVERNANCE STATEMENT
Barramundi’s board recognises the importance of good
corporate governance and is committed to ensuring that
the Company meets best practice governance principles
to the extent that they are appropriate for the nature of
the Barramundi operations. Strong corporate governance
practices encourage the creation of value for Barramundi
shareholders, while ensuring the highest standards of
ethical conduct and providing accountability and control
systems commensurate with the risks involved.
The board is responsible for establishing and
implementing the Company’s corporate governance
frameworks and is committed to fulfilling this role
in accordance with best practice having appropriate
regard to applicable laws, the NZX Corporate
Governance Code (“NZX Code”) and the Financial
Markets Authority Corporate Governance in New
Zealand - Principles and Guidelines. The board oversees
the management of Barramundi, with the day-to-day
portfolio and administrative management responsibilities
of Barramundi being delegated to Fisher Funds
Management Limited (“Fisher Funds” or “the Manager”).
Over the financial year ended 30 June 2021, Barramundi
was in compliance with the NZX Code, with the
exception of recommendations 4.3
1
and 5.3
2
for the
reasons explained below in the commentary regarding
the relevant NZX Code principles. The alternative
governance practices adopted in respect of those matters
have the approval of the board.
The corporate governance policies and procedures, and
board and committee charters, are regularly reviewed by
the board against the corporate governance standards
set by NZX, any regulatory changes and developments in
corporate governance practices.
The Barramundi constitution and each of the charters,
codes and policies referred to in this section are available
on the Barramundi website (www.barramundi.co.nz)
under the “About Barramundi” “Policies” section.
Principle 1 – Code of ethical behaviour
Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards being
followed throughout the organisation.
CODE OF ETHICS & STANDARDS OF
PROFESSIONAL CONDUCT
Barramundi’s Code of Ethics & Standards of Professional
Conduct details the ethical and professional behavioural
standards required of the directors and those employees
of the Manager who work on Barramundi matters.
The Code of Ethics & Standards of Professional Conduct
covers a wide range of areas including: standards of
behaviour, conflicts of interest, proper use of Company
information and assets, compliance with laws and
policies, reporting concerns and receiving gifts.
Any person who becomes aware of a breach or
suspected breach of the Code of Ethics & Standards of
Professional Conduct is required to report it immediately
in accordance with the procedure set out in the Code of
Ethics & Standards of Professional Conduct.
Training on the Code of Ethics & Standards of
Professional Conduct is included as part of the induction
process for new directors and relevant employees of the
Manager.
The Code of Ethics & Standards of Professional
Conduct is also available on the Barramundi website
for directors and staff to access at any time.
SECURITIES TRADING POLICY
Barramundi’s Securities Trading Policy details the
restrictions on persons nominated by Barramundi
(including its directors and employees of the Manager
who work on Barramundi matters) (“Nominated
Persons”) on trading in Barramundi shares and other
securities.
Nominated Persons, with the permission of the board of
Barramundi, may trade in Barramundi shares only during
the trading window commencing immediately after
Barramundi’s weekly disclosure of its net asset value
on the NZX Limited (“NZX”) market announcement
platform and ending at the close of trading two days
following the net asset value disclosure.
Nominated Persons may not trade in Barramundi shares
when they have price sensitive information that is not
publicly available.
The Securities Trading Policy is available on the
Barramundi website.
CONFLICTS OF INTEREST POLICY
The Conflicts of Interest Policy outlines the board’s
policy on conflicts of interest. The policy details the
process to be adopted for identifying conflicts of
interest and managing any such conflicts.
Principle 2 – Board composition and
performance
To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.
1
Barramundi does not have a formal environmental, social and governance (ESG) framework. However the Manager has a
formal ESG framework which governs its stock selection which the board is fully supportive of and committed to.
2
There is no CEO remuneration disclosure as Barramundi delegates its management personnel requirements to Fisher Funds
pursuant to an Administration Services Agreement.
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CORPORATE GOVERNANCE STATEMENT CONTINUED
BOARD CHARTER
Barramundi’s board operates under a written
charter which defines the respective functions and
responsibilities of the board, focusing on the values,
principles and practices that provide the corporate
governance framework.
The board has overall responsibility for all decision
making within Barramundi. The board is responsible
for the direction and control of Barramundi and is
accountable to shareholders and others for Barramundi’s
performance and its compliance with the appropriate
laws and standards. The board has delegated the day-to-
day management of Barramundi to the Manager.
The board uses committees to address certain matters
that require detailed consideration. The board retains
ultimate responsibility for the function of its committees
and determines their responsibilities. The board is
assisted in meeting its responsibilities by receiving
reports and plans from the Manager and through its
annual work programme.
Directors have access to key employees of the Manager
who are connected to the activities of Barramundi and
can request any information they consider necessary for
informed decision making.
The Board Charter is available on the Barramundi website.
NOMINATION AND APPOINTMENT OF
DIRECTORS
In accordance with Barramundi’s constitution and NZX
Listing Rules, a director must not hold office without
re-election past the third annual meeting following his
or her appointment or three years (whichever is the
longer). A director appointed by the board must not hold
office (without re-election) past the next annual meeting
following his or her appointment. Procedures for the
appointment and removal of directors are contained in
Barramundi’s constitution and the Board Charter. The
Remuneration and Nominations Committee is responsible
for identifying and nominating candidates to fill director
vacancies for board approval.
WRITTEN AGREEMENT
Barramundi provides a letter of appointment to
each newly appointed director setting out the terms
of their appointment which they are required to
sign. The letter includes information regarding the
board’s responsibilities, expectations of directors and
independence, expected time commitments, indemnity
and insurance provisions, declaration of interests and
confidentiality. New directors are required to formally
consent to act as a director.
DIRECTOR INFORMATION AND
INDEPENDENCE
The board comprises four directors with diverse
backgrounds, skills, knowledge, experience and
perspectives. Information about each director, including
a profile of experience, length of service and attendance
at board meetings is available on page 26 of this Annual
Report and also on the Barramundi website.
The board takes into account guidance provided under
the NZX Listing Rules and the factors specified in the
NZX Code in determining the independence of directors.
Director independence is considered annually. Directors
have undertaken to inform the board as soon as
practicable if they think their status as an independent
director has or may have changed.
As at 30 June 2021, the board considers that Alistair Ryan
(Chair), Carol Campbell, Andy Coupe and Carmel Fisher
are independent directors and therefore all of the board
are independent directors.
Information in respect of directors’ ownership interests is
available on page 59.
DIVERSITY
Barramundi has a formal Diversity Policy. The board views
diversity as including but not being limited to, skills,
qualifications, experience, gender, race, age, ethnicity and
cultural background. The board recognises that having a
diverse board will enhance effectiveness in key areas.
All appointments to the board are based on merit
and include consideration of the board’s diversity
needs, including gender diversity. Under the Diversity
Policy, the principal measurable diversity objective is to
embed gender diversity as an active consideration in
all succession planning for board positions. The board
assesses annually both the objectives set out in the
Diversity Policy and the Company’s progress in achieving
them. During the financial year to 30 June 2021, there
were no appointments to the board.
Refer to page 59 for changes made to the board post the
30 June 2021 year end.
The board’s gender composition as at the two most
recent annual balance dates was as follows:
NumberProportion
2021FemaleMaleFemaleMale
Directors2250%50%
NumberProportion
2020FemaleMaleFemaleMale
Directors2250%50%
The board believes that Barramundi achieved the
objectives set out in its Diversity Policy for the year ended
30 June 2021.
The Diversity Policy is available on the Barramundi website.
DIR ECTOR TR A INING
All directors are responsible for ensuring they remain
current in understanding their duties as directors.
To ensure ongoing education, directors are regularly
informed of developments that affect the Company’s
industry and business environment.
ASSESSMENT OF DIRECTOR
PERFORMANCE
The Remuneration and Nominations Committee conducts
a formal review of director, committee and board
performance annually. The review includes an assessment
of whether appropriate training has been received by
directors. Appropriate strategies for improvement are
recommended to the board as and when required. The
Chair of the Board also has discussions with directors on
individual performance.
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INDEPENDENT CH A IR AND
SEPARATION OF THE CHAIR AND
CHIEF EXECUTIVE
The Chair of the Board is an independent director.
Barramundi delegates its management personnel
requirements to the Manager pursuant to an Administration
Services Agreement. The Chair of the Board is a different
person to the Chief Executive of the Manager.
Principle 3 – Board committees
The board should use committees where this will
enhance its effectiveness in key areas, while still
retaining board responsibility.
The board has three standing committees: the Audit and
Risk Committee, the Remuneration and Nominations
Committee and the Investment Committee.
Each committee operates under a charter approved by
the board. The charter of each committee is reviewed
annually.
DIRECTOR MEETING ATTENDANCE
A total of ten board meetings, two Audit and Risk
Committee meetings, one Remuneration and Nominations
Committee meeting and two Investment Committee
meetings were held in the 2021 financial year. Director
attendance at board meetings and committee member
attendance at committee meetings are shown below.
DirectorBoard
Audit and
Risk
Committee
Remuneration
and
Nominations
Committee
Investment
Committee
Carol
Campbell
10/102/21/12/2
Andy
Coupe
10/102/21/12/2
Carmel
Fisher
10/102/21/12/2
Alistair
Ryan
10/102/21/12/2
During the financial year ended 30 June 2021, the board
of Barramundi responded to the impact of the Covid-19
pandemic by holding additional meetings with the
Manager.
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee Charter sets out the
objectives of the Audit and Risk Committee, which are to
provide assistance to the board in fulfilling its responsibilities
in relation to the Company’s financial reporting, internal
controls structure, risk management systems and the external
audit function. The Audit and Risk Committee Charter is
available on the Barramundi website.
The Audit and Risk Committee focuses on audit and risk
management and specifically addresses responsibilities
relative to financial reporting and regulatory compliance.
The Audit and Risk Committee is accountable for ensuring
the performance and independence of the external auditor,
including that the external auditor or lead audit partner is
changed at least every five years.
The Audit and Risk Committee also reviews the
appropriateness of any non-audit services and recommends
to the board which services, other than the statutory audit,
may be provided by PricewaterhouseCoopers as auditor.
The external auditor has a clear line of direct communication
at any time with either the Chair of the Audit and Risk
Committee or the Chair of the Board, both of whom are
independent directors. During the year, the Audit and Risk
Committee held private sessions with the external auditor.
The Audit and Risk Committee currently comprises all of the
directors and is chaired by Carol Campbell.
The Audit and Risk Committee may invite the Corporate
Manager and/or other employees of the Manager and such
other persons, including the external auditor, to attend
meetings, as it considers necessary to provide appropriate
information and explanations.
REMUNER ATION AND NOMINATIONS
COMMIT TEE
The Remuneration and Nominations Committee
Charter sets out the objectives of the Remuneration and
Nominations Committee, which are to set and review the
level of directors’ remuneration, ensure a formal rigorous
and transparent procedure for the appointment of new
directors to the board and evaluate the balance of skills,
knowledge and experience on the board. The Remuneration
and Nominations Committee also assesses the performance
of directors, the board and board committees.
The Remuneration and Nominations Committee currently
comprises all of the directors and is chaired by Alistair Ryan.
The Remuneration and Nominations Committee may invite
the Corporate Manager and/or other employees of the
Manager and such other persons, including the external
auditor, to attend meetings as it considers necessary to
provide appropriate information and explanations.
The Remuneration and Nominations Committee Charter is
available on the Barramundi website.
INVESTMENT COMMITTEE
The Investment Committee Charter sets out the objective
of the Investment Committee, which is to oversee the
investment management of Barramundi to ensure the
portfolio is managed in accordance with the investment
mandate and with the long-term performance objectives
of Barramundi. The Investment Committee Charter is
available on the Barramundi website.
The Investment Committee currently comprises all of the
directors and is chaired by Andy Coupe.
TAKEOVER RESPONSE PROTOCOLS
The board has adopted a formal Takeover Response
Protocol as an internal framework that sets out the process
to be followed if there is a takeover offer for Barramundi.
Principle 4 – Reporting and disclosure
The board should demand integrity in financial and
non-financial reporting, and in the timeliness and
balance of corporate disclosures.
CONTINUOUS DISCLOSURE
Barramundi is committed to promoting investor
confidence by providing complete and equal access to
information in accordance with the NZX Listing Rules.
Barramundi has a Continuous Disclosure Policy designed
to ensure this occurs and a copy of the policy is available
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on the Barramundi website. The Corporate Manager is
responsible for overseeing and co-ordinating disclosure
to the exchange.
CHARTERS AND POLICIES
Barramundi’s key corporate governance documents,
including its Code of Ethics & Standards of Professional
Conduct, board and committee charters and other
policies, are available on the Barramundi website under
the “About Barramundi” “Policies” section.
FINANCIAL REPORTING
Barramundi believes its financial reporting is balanced,
clear and objective. Barramundi is committed to ensuring
integrity and timeliness in its financial and non-financial
reporting and ensuring the market and shareholders are
provided with an objective view on the performance of
the Company.
The Audit and Risk Committee oversees the quality
and integrity of external financial reporting, including
the accuracy, completeness and timeliness of financial
statements. The Audit and Risk Committee reviews
half-yearly and annual financial statements and makes
recommendations to the board concerning accounting
policies, areas of judgement, compliance with accounting
standards, stock exchange and legal requirements and
the results of the external audit.
As at 30 June 2021, Barramundi did not have a
formal environmental, social and governance (ESG)
framework. Barramundi considers that, given the nature
of its operations (as an investment company), it is not
appropriate to maintain an ESG framework due to the
lack of available metrics relevant to its business against
which it could report on such matters. Barramundi will
continue to assess the relevance of adopting an ESG
framework. However, the Manager has a formal ESG
framework which governs its stock selection, which the
board is fully supportive of and committed to.
In April 2021, the New Zealand Government introduced
a Bill to Parliament to mandate climate-related financial
disclosures. This new reporting requirement will impact
the reporting of most NZX listed issuers, as well as large
registered banks, licensed insurers and managers of
investment schemes. The new legislation is based on the
recommendations of the Taskforce on Climate-related
Financial Disclosures (TCFD), which will bring the New
Zealand financial reporting regarding climate risk into
line with similar reporting requirements already being
adopted around the world. The board will determine the
appropriate climate risk reporting for Barramundi once
the legislative changes have been finalised.
Principle 5 – Remuneration
The remuneration of directors and executives
should be transparent, fair and reasonable.
DIRECTORS’ REMUNERATION
The Director Remuneration Policy sets out the structure
of the remuneration for directors, the review process
and reporting requirements. The Director Remuneration
Policy is available on the Barramundi website.
Directors’ fees are determined by the board on the
recommendation of the Remuneration and Nominations
Committee within the aggregate amount approved by
shareholders. The current directors’ fee pool limit of
$157,500 (plus GST if any) was approved by shareholder
resolution at the 2018 Annual Shareholders’ Meeting.
Each year, the Remuneration and Nominations Committee
reviews the level of directors’ fees. The Remuneration and
Nominations Committee considers the skills, performance,
experience and level of responsibility of directors when
undertaking the review, and is authorised to obtain
independent advice on market conditions.
The following table sets out the remuneration received
by each director from Barramundi for the year ended 30
June 2021.
Directors’ remuneration* for the 12 months ended
30 June 2020
Alistair Ryan (Chair)$50,000
(1)
Carol Campbell $ 37, 5 0 0
(2)
Andy Coupe$ 37, 5 0 0
(3)
Carmel Fisher$32,500
(4)
* excludes GST
(1) $4,972 of this amount was applied to the purchase of
6,629 shares under the Barramundi Share Purchase Plan.
(Alistair Ryan holds in excess of the 50,000 share threshold
set out in the director Share Purchase Plan but has elected
to continue in the plan.)
(2) Included in this total amount is $5,000 that Carol Campbell
receives as Chair of the Audit and Risk Committee. $3,727
of this amount was applied to the purchase of 4,969
shares under the Barramundi Share Purchase Plan. (Carol
Campbell holds in excess of the 50,000 share threshold set
out in the director Share Purchase Plan but has elected to
continue in the plan).
(3) Included in this total amount is $5,000 that Andy Coupe
receives as Chair of the Investment Committee. $3,727 of
this amount was applied to the purchase of 4,969 shares
under the Barramundi Share Purchase Plan. (Andy Coupe
holds in excess of the 50,000 share threshold set out in the
director Share Purchase Plan but has elected to continue in
the plan).
(4) Carmel Fisher is a substantial Barramundi shareholder and
has holdings in excess of the 50,000 share threshold set
out in the director Share Purchase Plan. (Details of director
holdings can be found in the Statutory Information section
on page 59).
Details of remuneration paid to directors are also
disclosed in note 11 to the financial statements for the
financial year ended 30 June 2021. The directors’ fees
disclosed in the financial statements include a portion of
non-recoverable GST expensed by Barramundi.
There are no retirement benefits for directors nor are
there any share options available for directors.
DIRECTORS’ SHAREHOLDING - SHARE
PURCHASE PLAN
A Share Purchase Plan was introduced by the board in
2012 which requires each director to allocate 10% of
their annual director’s fee to the purchase (on market)
of Barramundi shares. Once an individual director’s
shareholding reaches 50,000 shares, the director can
elect whether to continue with the plan. The intention of
the Share Purchase Plan is to further align the interests of
directors with those of shareholders.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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OFFICER R EMUNER ATION
Barramundi delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. For this reason,
Barramundi does not have a Chief Executive Officer and
it does not consider it appropriate to make disclosures
about remuneration for the Manager’s personnel
or include those personnel in the application of the
Company’s remuneration policies. The fees paid to
Fisher Funds for administration services are set out in
note 11 to Barramundi’s financial statements for the
financial year ended 30 June 2021.
Principle 6 – Risk management
Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify
that the issuer has appropriate processes that
identify and manage potential and material risks.
RISK MANAGEMENT FRAMEWORK
The board has overall responsibility for Barramundi’s
system of risk management and internal control.
Barramundi has in place policies and procedures to
identify areas of significant business risk and implements
procedures to manage those risks effectively.
Key risk management tools used by Barramundi include
the Audit and Risk Committee function, outsourcing of
certain functions to service providers, internal controls,
financial and compliance reporting procedures and
processes and business continuity planning. Barramundi
also maintains insurance policies that it considers
adequate to meet its insurable risks.
The board is actively involved in tracking the
development of existing risks and the emergence of
new risks to Barramundi’s business. The Audit and Risk
Committee and board receive regular reports on the
operation of risk management policies and procedures.
Significant risks are discussed at each board meeting,
and/or as required.
In addition to Barramundi’s policies and procedures in
place to manage business risks, the Manager has its
own comprehensive risk management policy. The board
is informed of any changes to the Manager’s policy.
The spread of Covid-19 has impacted economies
around the globe. In many countries, businesses have
been forced to cease or limit operations for extended
or indefinite periods of time. Global stock markets
have experienced greater than normal volatility and
there was significant market weakness during the early
stages of the pandemic.
During the financial year ended 30 June 2021, the
board of Barramundi responded to the impact of the
Covid-19 pandemic by holding additional meetings
with the Manager to ensure that appropriate risk
management processes and procedures, including
the rigorous application of the STEEPP process, were
being maintained. The application of the STEEPP
process ensures stock selection, de-selection and the
in-depth testing of the stock assessment processes.
These additional meetings enabled the board to closely
oversee the portfolio management process undertaken
by the Manager as part of its mandated approach.
During the period of the initial first New Zealand
lockdown, when there was significant volatility in the
NZX and ASX, Barramundi increased its usual weekly
NAV reporting from once per week on Thursdays, to
twice per week, with the NAVs published on both
Mondays and Thursdays. Barramundi reverted to once
per week NAV reporting from mid-May 2020.
The duration and overall impact of the Covid-19
pandemic, as well as the effectiveness of government
and central bank responses, remains unclear at this
time. As such, it is not possible to reliably estimate the
duration and severity of these consequences, as well
as their impact on the financial position and results of
Barramundi for future periods.
The preparation of Barramundi’s financial statements for
the financial year ended 30 June 2021 has not required
the addition of any new judgements or estimates.
HEALTH AND SAFETY
The Manager operates under a Health and Safety Policy.
Under this policy, Fisher Funds assumes responsibility
for the health and safety of its employees.
Principle 7 – Auditors
The board should ensure the quality and
independence of the external audit process.
Barramundi’s Audit and Risk Committee makes
recommendations to the board on the appointment of the
external auditor. The Audit and Risk Committee monitors
the independence and effectiveness of the external
auditor and approves and reviews any non-audit services
performed by the external auditor. An External Auditor
Independence Policy, which documents the framework
of Barramundi’s relationship with its external auditor, was
adopted in May 2018. This policy includes procedures:
(a) to sustain communication with Barramundi’s external
auditor;
(b) to ensure that the ability of the external auditor to
carry out its statutory audit role is not impaired, or
could reasonably be perceived to be impaired;
(c) to address what, if any, services (whether by type or
level) other than their statutory audit roles may be
provided by the external auditor to Barramundi; and
(d) to provide for the monitoring and approval by the
Audit and Risk Committee of any service provided by
the external auditor to Barramundi other than in its
statutory audit role.
The Audit and Risk Committee meets with the external
auditor, without management present, to approve its
terms of engagement, audit partner rotation (at least
every five years) and audit fee, and to review and provide
feedback in respect of the annual audit plan. The Audit
and Risk Committee holds private sessions with the
external auditor.
Barramundi’s current external auditor,
PricewaterhouseCoopers (“PwC”), was appointed by
shareholders at the 2007 annual meeting in accordance
with the provisions of the Companies Act 1993. PwC
is automatically reappointed as auditor under Part 11,
Section 207T of the Companies Act at the Annual
Shareholders’ Meeting, except in limited circumstances.
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The Audit and Risk Committee has assessed PwC to be
independent and confirmed that the non-audit services
provided in relation to confirming the amounts used in
the performance fee calculation have not compromised
PwC’s independence. Written confirmation of PwC’s
independence has been obtained by the board.
PwC, as external auditor of the 2021 financial statements,
will attend this year’s Annual Shareholders’ Meeting and
will be available to answer questions about the conduct of
the audit, preparation and content of the auditor’s report,
accounting policies adopted by Barramundi and their
independence in relation to the conduct of the audit.
Barramundi does not have an internal audit function,
however the Company regularly reviews all areas of
risk management and focuses on all operating and
compliance risk obligations. Barramundi delegates day-to-
day management responsibilities to the Manager and the
Corporate Manager is responsible for managing operational
and compliance risks across Barramundi’s business and
reporting on those matters to the board as needed.
Principle 8 – Shareholder rights and relations
The board should respect the rights of shareholders
and foster constructive relationships with
shareholders that encourage them to engage with
the issuer.
INFORMATION FOR SHAREHOLDERS
The board recognises the importance of providing
shareholders with comprehensive, timely and equal
access to information about its activities. The board
aims to ensure that shareholders have available to
them all information necessary to assess Barramundi’s
performance.
Barramundi’s website, www.barramundi.co.nz, provides
information to shareholders and investors about the
Company. Barramundi’s ‘Investor Centre’ part of its
website contains a range of information including periodic
and continuous disclosures to NZX, annual reports and
content related to the Annual Shareholders’ Meeting. The
website also contains information about Barramundi’s
directors, copies of key corporate governance documents
and general company information.
The board recognises that other stakeholders may have
an interest in Barramundi’s activities. While there are
no specific stakeholders’ interests that are currently
identifiable, Barramundi will continue to review policies in
consideration of future interests.
COMMUNICATING W ITH
SHAREHOLDERS
Barramundi communicates regularly with its
shareholders through its monthly and quarterly updates.
The Company receives questions from shareholders
from time to time and has processes in place to ensure
shareholder communications are responded to within
a reasonable timeframe. The Company’s website
sets out Barramundi’s appropriate contact details for
communications from shareholders. Barramundi also
provides options for shareholders to receive and send
communications by post or electronically.
SHAREHOLDER VOTING RIGHTS
When required by the Companies Act 1993, Barramundi’s
Constitution and the NZX Listing Rules, Barramundi will
CORPORATE GOVERNANCE STATEMENT CONTINUED
refer decisions to shareholders for approval. Barramundi’s
policy is to conduct voting at its shareholder meetings by
way of poll and on the basis of one share, one vote.
NOTICE OF ANNUAL MEETING
The 2021 Barramundi Notice of Annual Meeting will be
sent to shareholders at least 20 working days prior to the
meeting and will be published on the Barramundi website.
Subject to any Covid-19 restrictions which prevent the
Company from holding a physical meeting, this year’s
meeting will be held at 10.30am on 15 October 2021, at
the Ellerslie Event Centre in Auckland. Full participation of
shareholders is encouraged at the Shareholders’ Annual
Meeting and shareholders are encouraged to submit
questions in writing prior to the meeting.
MANAGEMENT AGREEMENT RENEWAL
The Management Agreement between Barramundi
and Fisher Funds is subject to renewal every five
years. The Management Agreement is next subject to
renewal in October 2021.
NZX WAIVERS
Barramundi outsources all investment management
functions and administration services to the Manager
under the Management Agreement entered into when
Barramundi first listed. The Management Agreement
has been amended to reflect the evolving relationship
between Barramundi and the Manager, with such
amendments being largely administrative. Since
December 2014, administration services previously
provided for in the Management Agreement have
been recorded in a separate Administration Services
Agreement. The rationale for this change was to create
efficiencies for Barramundi across staff utilisation and
costs. There was no substantive change to the nature or
scope of services or the actual costs payable.
Barramundi was granted a waiver by NZX Regulation
on 30 May 2017 from (pre 1 January 2019) NZX Listing
Rule 9.2.1 so that it is not required to obtain shareholder
approval for the entry into the Administration Services
Agreement and specific amendments to the Management
Agreement. The waiver is provided on the conditions
specified in paragraph 2 of the waiver decision, which is
available on the Barramundi website: www.barramundi.
co.nz/investor-centre/market-announcements/.
CAPITAL RAISINGS
Barramundi Warrant Issue (BRMWF)
On 5 October 2020, Barramundi issued 52,532,918
warrants to shareholders based on a record date of 2
October 2020. Barramundi shareholders were issued
one warrant for every four shares held. Each warrant
gives shareholders the right, but not the obligation, to
subscribe for one additional ordinary share in Barramundi
on the 29 October 2021 exercise date.
The exercise price will be $0.70 less any dividends per
share declared by the Company with a record date
between 5 October 2020 and the announcement of the
29 October 2021 exercise price. The final exercise price
will be calculated and advised to warrant holders at least
six weeks before the exercise date.
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We present the financial statements for Barramundi Limited for the year ended 30 June 2021.
We have ensured that the financial statements for Barramundi Limited present fairly the financial position of the
Company as at 30 June 2021 and its financial performance and cash flows for the year ended on that date.
We have ensured that the accounting policies used by the Company comply with generally accepted accounting
practice in New Zealand and believe that proper accounting records have been kept. We have ensured
compliance of the financial statements with the Financial Markets Conduct Act 2013.
We also consider that adequate controls are in place to safeguard the Company’s assets and to prevent and
detect fraud and other irregularities.
The Barramundi board authorised these financial statements for issue on 23 August 2021.
Alistair Ryan Carol Campbell
David McClatchy Andy Coupe
FOR THE YEAR ENDED 30 JUNE 2021
DIRECTORS’ STATEMENT
OF RESPONSIBILITY
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FINANCIAL
STATEMENTS CONTENTS
35 Statement of Comprehensive Income
36 Statement of Changes in Equity
37 Statement of Financial Position
38 Statement of Cash Flows
39 Notes to the Financial Statements
53 Independent Auditor’s Report
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
NOTES 2021 2020
$000$000
Interest income 4 27
Dividend income 2,832 3,030
Net changes in fair value of financial assets and liabilities2 53,866 12,677
Other income/(losses)3 509 (66)
Total net income 57, 211 15,668
Operating expenses4 (5,494) (3,007)
Operating profit before tax 51,717 12,661
Total tax benefit/(expense)5 600 (136)
Net operating profit after tax attributable to shareholders 52,317 12,525
Total comprehensive income after tax attributable to shareholders 52,317 12,525
Basic earnings per share7 24.82c 6.44c
Diluted earnings per share7 23.43c 6.42c
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY
NOTES
SHARE
CAPITAL
PERFORMANCE
FEE RESERVE
(ACCUMULATED
DEFICITS)/
R E TAINED
EARNINGS
TOTAL
EQUIT Y
$000$000$000$000
Balance at 1 July 2019 143,286 0 (24,987)118, 299
Comprehensive income
Net operating profit after tax 0 0 12,525 12,525
Other comprehensive income 0 0 0 0
Total comprehensive income for the
year ended 30 June 2020
0 0 12,525 12,525
Transactions with shareholders
Shares issued for warrants exercised 18,423 0 0 18,423
Share buybacks6 (706) 0 0 (706)
Dividends paid6 0 0 (10,950) (10,950)
New shares issued under dividend reinvestment plan6 3,176 0 0 3,176
Shares issued from treasury stock under dividend
reinvestment plan
6 749 0 0 749
Total transactions with owners for the
year ended 30 June 2020 21,642 0 (10,950) 10,692
Balance at 30 June 2020 164,928 0 (23,412) 141,516
Comprehensive income
Net operating profit after tax 0 0 52,317 52,317
Other comprehensive income 0 0 0 0
Total comprehensive income for the
year ended 30 June 2021 0 0 52,317 52,317
Transactions with shareholders
Warrant issue costs6 (3) 0 0 (3)
Dividends paid6 0 0 (12,648) (12,648)
New shares issued under dividend reinvestment plan6 4,503 0 0 4,503
Reduction to share issue costs 6 0 0 6
Total transactions with owners for the
year ended 30 June 2021
4,506 0 (12,648) (8 ,14 2)
Balance at 30 June 2021 169,434 0 16,257 185,691
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
NOTES 2021 2020
$000
SHAREHOLDERS' EQUITY185,691141,516
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10 949 2,416
Trade and other receivables 8 1,306 259
Financial assets at fair value through profit or loss 2 185,602 14 0,103
Current tax receivable 64
Total Current Assets 187,921 142,778
Non-current Assets
Deferred tax asset5 560 0
Total Non-current Assets 560 0
TOTAL ASSETS 188,481 142,778

LIABILITIES
Current Liabilities
Trade and other payables 9 2,790 1,10 4
Financial liabilities at fair value through profit or loss2 0 6
Current tax payable5 0 94
Total Current Liabilities 2,790 1,204

Non-current Liabilities
Deferred tax liability5 0 58
Total Non-current Liabilities 0 58
TOTAL LIABILITIES 2,790 1,262
NET ASSETS 185,691 141,516
These financial statements have been authorised for issue for and on behalf of the Board by:
A B Ryan / Chair C A Campbell / Chair of the Audit and Risk Committee
23 August 2021 23 August 2021
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
NOTES 2021 2020
$000$000
Operating Activities
Sale of listed equity investments 43,694 50,654
Interest received 4 30
Dividends received 2,722 2,997
Other income/(expenses) 24 (86)
GST refund 492 0
Purchase of listed equity investments (36,396) (61,742)
Operating expenses (3,233) (2,728)
Taxes paid (176) (568)
Net settlement of forward foreign exchange contracts (453) 885
Net cash inflows/(outflows) from operating activities10 6,678 (10,558)

Financing Activities
Proceeds from warrants exercised 0 18,423
Reduction to share issue costs to purchase ordinary shares 6 0
Warrant issue costs (3) 0
Share buybacks 0 (706)
Dividends paid (net of dividends reinvested) (8 ,145) ( 7, 025 )
Net cash (outflows)/inflows from financing activities (8 ,14 2) 10,692
Net increase in cash and cash equivalents held (1,464) 134
Cash and cash equivalents at beginning of the year 2,416 2,269
Effects of foreign currency translation on cash balance (3) 13
Cash and cash equivalents at end of the year10 949 2,416
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
NOTE 1 BASIS OF ACCOUNTING
Reporting Entity
Barramundi Limited (“Barramundi” or “the Company”) is listed on the NZX Main Board, is registered
in New Zealand under the Companies Act 1993 and is a FMC Reporting Entity under the Financial
Markets Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
These financial statements have been prepared in accordance with the requirements of Part 7
of the Financial Markets Conduct Act 2013, the NZX Main Board listing rules and New Zealand
Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS) as appropriate to for profit-orientated entities,
and International Financial Reporting Standards (IFRS).
The financial statements have been prepared on the historical cost basis, except for financial assets
and liabilities at fair value through profit or loss.
The functional and reporting currency used to prepare the financial statements is New Zealand
dollars, rounded to the nearest one thousand dollars.
The operating expenses include GST where it is charged by other parties as it cannot be reclaimed.
The impact of COVID-19 on the Company’s financial statements was considered and, other than
the impact of the post COVID-19 recovery on investment fair value gains, there have been no other
impacts on the Company’s financial reporting.
Foreign Currency Transactions and Translations
Foreign currency transactions are converted into New Zealand dollars using exchange rates
prevailing at transaction date. Foreign currency assets and liabilities are translated into New Zealand
dollars using the exchange rates prevailing at the balance date.
Foreign exchange gains or losses relating to the financial assets and liabilities at fair value through
profit or loss are presented in the Statement of Comprehensive Income within “Net changes in fair
value of financial assets and liabilities”.
Foreign exchange gains and losses relating to cash and cash equivalents, trade and other
receivables, and trade and other payables are presented in the Statement of Comprehensive Income
within “Other income/(losses)”.
Accounting Policies
Accounting policies that summarise the recognition and measurement basis used and are relevant
to an understanding of the financial statements, are provided throughout the notes to the financial
statements and are designated by a
symbol.
The accounting policies adopted have been consistently applied to all years presented, unless
otherwise stated.
There are no new accounting standards, amendments to standards and interpretations that
have a material impact on these financial statements. The same applies for any new standards,
amendments to standards and interpretations that have been issued but are not yet effective.
Critical Judgements, Estimates and Assumptions
The preparation of financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities,
income and expenses.
Judgements are designated by a
j

symbol in the notes to the financial statements. There were no
material estimates or assumptions required in the preparation of these financial statements.
Authorisation of Financial Statements
The Barramundi Board of Directors authorised these financial statements for issue on 23 August 2021.
No party may change these financial statements after their issue.
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2021
NOTE 2 FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH
PROFIT OR LOSS
j
Given that the investment portfolio is managed, and performance is evaluated, on a fair value
basis in accordance with a documented investment strategy, Barramundi has classified all of its
investments at fair value through profit or loss.
Investments are initially recognised at fair value and are subsequently revalued to reflect changes
in fair value. Net changes in the fair value of financial assets and liabilities are recognised in the
Statement of Comprehensive Income.
Financial assets at fair value through profit or loss comprise Australian listed equity investment
assets and forward foreign exchange contracts with positive value.
Financial liabilities at fair value through profit or loss comprise forward foreign exchange contracts
with negative value.
Forward foreign exchange contracts can be used as economic hedges for equity investments
against currency risk. They are accounted for on the same basis as those investments and are
recognised at their fair value.
All purchases and sales of investments are recognised at trade date, which is the date the
Company commits to purchase or sell the investment and transaction costs are expensed as
incurred. When an investment is sold, any gain or loss arising on the sale is included in the
Statement of Comprehensive Income. Realised gains or losses are calculated as the difference
between the sale proceeds and the carrying amount of the item.
The fair value of listed equity investments traded in active markets are based on last sale prices
at balance date, except where the last sale price falls outside the bid-ask spread for a particular
investment, in which case the bid price will be used to value the investment.
The fair value of forward foreign exchange contracts is determined by using valuation techniques
based on spot exchange rates and forward points supplied by The World Markets Company PLC
via Refinitiv.
Dividend income from investments is recognised in the Statement of Comprehensive Income when
the Company’s right to receive payments is established (ex-dividend date).
Investments recognised at fair value are categorised according to a fair value hierarchy that shows
the extent of judgement used in determining their fair value. Where unadjusted quoted prices
are used in an active market, the investments are categorised as Level 1. When significant inputs
derived from quoted prices are used, the investments are categorised as Level 2. If significant
inputs are not based on observable market data, they are categorised as Level 3.
j
All listed equity investments held by Barramundi are categorised as Level 1 and all forward
foreign exchange contracts are classified as Level 2 in the fair value hierarchy. There have been
no transfers between levels of the fair value hierarchy during the year (2020: none).
There were no financial instruments classified as Level 3 at 30 June 2021 (2020: none).
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20212020
$000$000
Financial assets and liabilities at fair value through profit or loss
Financial Assets:
Australian listed equity investments 185,471 140,067
Forward foreign exchange contracts 131 36
Total financial assets at fair value through profit or loss 185,602 140,103
Financial Liabilities:
Forward foreign exchange contracts 0 6
Total financial liabilities at fair value through profit or loss 0 6

Net changes in fair value of financial assets and liabilities
Australian listed equity investments 53,663 10,406
Foreign exchange gains on Australian listed equity investments 555 2,289
Losses on forward foreign exchange contracts (352) (18)
Net changes in fair value of financial assets and liabilities
through profit or loss
53,866 12,677
The notional value of forward foreign exchange contracts held at 30 June 2021 was
$122,191,923 (2020: $92,576,044).
NOTE 3 OTHER INCOME/(LOSSES)
20212020
$000$000
GST refund (note 11) 492 0
Foreign exchange gains/(losses) on cash and cash equivalents and
outstanding settlements
17 (66)
Total other (losses)/income 509 (66)
NOTE 4 OPER ATING EXPENSES
Management fee (note 11) 2,107 1,705
Performance fee (note 11) 2,478 301
Administration services (note 11) 159 159
Directors' fees (note 11) 176 175
Brokerage 165 297
Investor relations and communications 145 132
Custody and accounting fees 57 49
NZX fees 62 54
Professional fees 42 42
Fees paid to the auditor:
Statutory audit and review of financial statements 38 36
Non-assurance services
1
2 2
Regulatory fees 17 15
Other operating expenses 46 40
Total operating expenses 5,494 3,007
1
Non-assurance services relate to agreed upon procedures performed in respect of the performance fee
calculation. No other fees were paid to the auditor.
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2021
NOTE 5 TAXATION
Barramundi is a Portfolio Investment Entity (“PIE”) for tax purposes.
Taxation expense comprises both current and deferred tax. Current tax is the expected tax payable
on the taxable income for the year, using tax rates enacted or substantively enacted at balance
date, and any adjustment to tax payable in respect of previous years. Current tax for current and
prior periods is recognised as a liability or asset to the extent that it is unpaid (or refundable).
Deferred tax (if any) is recognised as the difference between the carrying amounts of assets and
liabilities in the financial statements and the amounts used for taxation purposes. A deferred tax
asset is only recognised to the extent it is probable it will be utilised.
20212020
$000$000
Taxation expense is determined as follows:
Operating profit before tax 51,717 12,661
Non-taxable realised gain on financial assets and liabilities (12,793) (5,747)
Non-taxable unrealised gain on financial assets and liabilities (41,267) (6,833)
Fair Dividend Rate income 253 335
Exempt dividends subject to Fair Dividend Rate (52) (114)
Imputation credits 91 49
Non-deductible expenses and other 174 309
Forfeit of foreign tax credits 86 0
Prior period adjustment (27) 0
Taxable income (1,818) 660
Tax at 28% (509) 185
Imputation credits (91) (49)
Total tax (benefit)/expense (600) 136
Taxation expense comprises:
Current tax 0 127
Deferred tax (617) 9
Forfeit of tax credits240
Prior period adjustment(7)0
Total tax (benefit)/expense (600) 136
Current tax balance
Opening balance (94) (535)
Current tax movements 0 (127)
Tax paid 151 535
Credits used 0 33
Prior period adjustment 7 0
Current tax receivable/(payable) 64 (94)
Deferred tax balance
Opening balance (58) (49)
Accrued dividends (48) (9)
Tax credits 93 0
Current year losses 573 0
Deferred tax asset/(liability) 560 (58)
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j
A deferred tax asset is recognised only if it is probable that future tax profits will be available to utilise
the deferred tax asset.
Imputation credits
The imputation credits available for subsequent reporting periods total $633 (2020: $94,149).
This amount represents the balance of the imputation credit account at the end of the reporting
period, adjusted for imputation credits that will arise from the receipt of dividends recognised as a
receivable at 30 June 2021.
NOTE 6 SHAREHOLDERS’ EQUITY
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares and warrants are shown in equity as a deduction.
When shares are acquired by the Company, the amount of consideration paid is recognised
directly in equity. Acquired shares are classified as treasury stock and presented as a deduction
from share capital. When treasury stock is subsequently sold or reissued, the cost of treasury
stock is reversed and the realised gain or loss on sale or reissue, net of any directly attributable
incremental transaction costs, is recognised within share capital.
Barramundi has 213,764,688 fully paid ordinary shares on issue (2020: 208,719,740). All ordinary
shares rank equally and have no par value. All shares carry an entitlement to dividends and one vote
is attached to each fully paid ordinary share.
Buybacks
Barramundi maintains an ongoing share buyback programme. For the year ended 30 June 2021,
Barramundi did not acquire any shares (2020: 1,112,889 shares, $705,988) under the programme
which allows up to 5% of the ordinary shares on issue (as at the date 12 months prior to the
acquisition) to be acquired. Shares acquired under the buyback programme are held as treasury
stock and subsequently reissued to shareholders under the dividend reinvestment plan. There were
no shares held as treasury stock at balance date (2020: nil).
Warrants
On 5 October 2020, 52,532,918 new Barramundi warrants were allotted, and quoted on the NZX
Main Board on 6 October 2020. One new warrant was issued to all eligible shareholders for every
four shares held on record date. The warrants are exercisable at $0.70 per warrant, adjusted down
for dividends declared during the period up to the exercise date of 29 October 2021. Warrant
holders can elect to exercise some or all of their warrants on the exercise date. The net cost of
issuing the warrants of $3,450 is deducted from share capital.
Dividends
j
Dividend distributions to the Company’s shareholders are recognised as a liability in the financial
statements in the period in which the dividends are declared by the Barramundi Board.
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter.
Dividends paid during the year comprised:
2021
$000
CENTS PER
SHARE
2020

$000
CENTS PER
SHARE
25 Sep 2020 2,797 1.3426 Sep 2019 2,390 1.39
18 Dec 2020 3,047 1.4519 Dec 2019 2,932 1.4 4
26 Mar 2021 3,339 1.5827 Mar 2020 2,975 1.45
25 Jun 2021 3,465 1.6326 Jun 2020 2,653 1.28
12,648 6.00 10,950 5.56
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2021
NOTE 6 SHAREHOLDERS’ EQUITY CONTINUED
Dividend Reinvestment Plan
Barramundi has a dividend reinvestment plan which provides ordinary shareholders with the option
to reinvest all or part of any cash dividends in fully paid ordinary shares at a 3% discount to the five-
day volume weighted average share price from the date the shares trade ex-entitlement. During the
year ended 30 June 2021, 5,044,948 ordinary shares totalling $4,503,104 (2020: 6,502,038 ordinary
shares totalling $3,925,414) were issued in relation to the plan for the quarterly dividends paid. To
participate in the dividend reinvestment plan, a completed participation notice must be received by
Barramundi before the next record date.
NOTE 7 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the
Company by the weighted average number of ordinary shares on issue during the year. Diluted
earnings per share assumes conversion of all dilutive potential ordinary shares in determining the
denominator. Potential ordinary shares include outstanding warrants.
20212020

Basic earnings per share
Profit attributable to shareholders of the Company ($'000) 52,317 12,525
Weighted average number of ordinary shares on issue
net of treasury stock (‘000)

210,776

194,376
Basic earnings per share 24.82c 6.44c

Diluted earnings per share
Profit attributable to shareholders of the Company ($'000) 52,317 12,525
Weighted average number of ordinary shares on issue net of treasury stock
('000)
210,776 194,376
Diluted effect of warrants on issue ('000) 12,558 856
223,334 195,232
Diluted earnings per share 23.43c 6.42c
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NOTE 8 TRADE AND OTHER RECEIVABLES
Trade and other receivables are classified as financial assets at amortised cost and are initially
recognised at fair value, and subsequently measured at amortised cost less any provision for
impairment. Receivables are assessed on a case-by-case basis for impairment.
j
The trade and other receivables’ carrying values are a reasonable approximation of fair value.
20212020
$000$000
Dividends receivable 375 211
Unsettled investment sales 922 0
Other receivables and prepayments 9 48
Total trade and other receivables 1,306 259
NOTE 9 TRADE AND OTHER PAYABLES
Trade and other payables are classified as other financial liabilities and are initially recognised at
fair value, and subsequently measured at amortised cost.
j
The trade and other payables' carrying values are a reasonable approximation of fair value.
20212020
$000$000
Dividends payable 59 0
Related party payable (note 11) 2,683 463
Unsettled investment purchases 0 594
Other payables and accruals 48 47
Total trade and other payables 2,790 1,104
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2021
NOTE 10 CASH AND CASH FLOW RECONCILIATION
Cash and Cash Equivalents
Cash and cash equivalents are classified as financial assets at amortised cost and comprise cash on
deposit at banks.
20212020
$000$000
Cash - New Zealand dollars 936 528
Cash - Australian dollars 13 1,888
Cash and Cash Equivalents 949 2,416

Reconciliation of Net Operating Profit after Tax to Net Cash Flows
from Operating Activities
Net operating profit after tax 52,317 12,525

Items not involving cash flows:
Unrealised losses/(gains) on cash and cash equivalents 3 (13)
Unrealised gains on revaluation of investments (41,267) (6,849)
Unrealised (gains)/losses on forward foreign exchange contracts (101) 902
(41,365) (5,960)

Impact of changes in working capital items
Increase in trade and other payables 1,686 902
(Decrease)/increase in trade and other receivables (1,047) 84
Change in current and deferred tax (776) (432)
(137) 554
Items relating to investments
Amount paid for purchases of investments (36,396) (61,742)
Amount received from sales of investments 43,694 50,654
Net amount received on settlement of forward foreign exchange contracts (453) 885
Realised gains on investments (12,498) (6,731)
Decrease/(increase) in unsettled purchases of investments 594 (594)
Increase/(decrease) in unsettled sales of investments 922 (149)
(4 ,137) (17,677)
Net cash inflows/(outflows) from operating activities 6,678 (10,558)
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NOTE 11 RELATED PARTY INFORMATION
Parties are considered to be related if one party has the ability to control or exercise significant
influence over the other party in making financial or operational decisions.
Transactions with related parties
The Manager of Barramundi is Fisher Funds Management Limited (“Fisher Funds” or “the
Manager”). Fisher Funds is a related party by virtue of the Management Agreement. In return for
the performance of its duties as Manager, Fisher Funds is paid the following fees:
(i) Management fee: 1.25% (plus GST) per annum of the gross asset value, calculated weekly and
payable monthly in arrears. The fee reduces if the Manager underperforms, thereby aligning the
Manager’s interests with those of the Barramundi shareholders. For every 1% underperformance
(relative to the change in the NZ 90 Day Bank Bill Index) the management fee percentage is reduced
by 0.1%, subject to a minimum 0.75% per annum management fee.
(ii) Performance fee: Fisher Funds may earn an annual performance fee of 10% plus GST
(2020: 15% plus GST) of excess returns over and above the performance fee hurdle return (being
the change in the NZ 90 Day Bank Bill Index plus 7%) subject to achieving the High Water Mark
(“HWM”). The total performance fee amount is subject to a cap of 1.25% of the adjusted net asset
value (prior to performance fees) and is settled fully in cash.
The HWM is the dollar amount by which the net asset value per share exceeds the highest net asset
value per share (after adjustment for capital changes and distributions) at the end of any previous
calculation period in which a performance fee was payable, multiplied by the number of shares at
the end of the period.
In accordance with the terms of the Management Agreement, when a performance fee is earned, it
is paid within 60 days of the balance date.
Performance fees paid to the Manager are recognised as an expense in the Statement of
Comprehensive Income and treated in line with a typical operating expense.
For the year ended 30 June 2021, excess returns of $43,716,564 (2020: $2,966,757) were generated
and the net asset value per share before the deduction of a performance fee was $0.87 (2020:
$0.68), which exceeded the HWM after adjustment for capital changes and distributions of $0.62
(2020: $0.57). Accordingly, the Company has expensed a capped performance fee of $2,477,923 in
the Statement of Comprehensive Income for the year ended 30 June 2021 (2020: $301,126).
(iii) Administration fee: Fisher Funds provides corporate administration services and a monthly fee
is charged.
Fees earned, accrued and payable:
20212020
$000$000
Fees earned by and accrued to the Manager
for the year ended 30 June
Management fees 2,107 1,705
Performance fees 2,478 301
Administration services 159 159
Total fees earned by and accrued to the Manager 4,744 2 ,165

Fees payable to the Manager at 30 June
Management fees 192 149
Performance fees payable in cash 2,478 301
Administration services 13 13
Total amount payable to the Manager 2,683 463
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NOTE 11 RELATED PARTY INFORMATION CONTINUED
Investment transactions with related parties
Off-market transactions between Barramundi and other funds managed by Fisher Funds take place
for the purposes of rebalancing portfolios without incurring brokerage costs. These transactions
are conducted after the market has closed at last sale price (on an arm’s length basis). Purchases
for the year ended 30 June 2021 totalled $168,533 (2020: $3,388,954) and there were no sales
(2020: $55,960).
GST refund
On 30 April 2021, Fisher Funds received a GST refund plus use of money interest (UOMI) from
the Inland Revenue Department (“IRD”). The refund relates to the period 1 April 2004 to 31 July
2009 when the Manager applied 15% GST on management fees, when a subsequent assessment
confirmed the Manager was entitled to charge only 1.5% GST on management fees. The total
GST refund received by the Manager on behalf of Barramundi is $491,502, being overcharged GST
refunded of $481,644 plus UOMI of $9,858.
The GST refund was received by Barramundi in May 2021.
The GST refund and UOMI are excluded from any performance fee calculation, consistent with how
they have been treated in the past given they are not performance related income for the year.
Directors
The directors of Barramundi are the only key management personnel and they are paid a fee for
their services. The directors’ fee pool is $157,500 (plus GST if any) per annum (2020: $157,500).
The amount paid to directors (inclusive of GST for three directors) is disclosed in note 4 under
directors’ fees (all directors earn a director’s fee).
The directors or their associates also held shares in the Company at 30 June 2021 and warrants
during the year. The table below shows a reconciliation of opening and closing share holdings and
warrant holdings for all directors or their associates:
20212020
$000$000
Opening value of shares held by directors or their associates 3,333 1,30 0
Plus shares issued for warrants exercised 0 333
Plus other share purchases 1,620 1,353
Plus share price movements 2,434 347
Closing value of shares held by directors or their associates 7, 3 87 3,333
Opening value of warrants held by directors or their associates 0 8
Plus new warrants issued and price movements 426 11
Less warrants exercised 0 (19)
Closing value of warrants held by directors or their associates 426 0
Dividends of $376,419 (2020: $260,404) were also received by directors or their associates as a
result of their shareholding.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2021
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NOTE 12 FINANCIAL RISK MANAGEMENT
The Company is subject to a number of financial risks which arise as a result of its investment
activities, including market risk, credit risk and liquidity risk.
The Management Agreement between Barramundi and Fisher Funds details permitted
investments. Financial instruments currently recognised in the financial statements also comprise
cash and cash equivalents, forward foreign exchange contracts, trade and other receivables and
trade and other payables.
Market Risk
All equity investments present a risk of loss of capital, often due to factors beyond the Company’s
control such as competition, regulatory changes, commodity price changes and changes in general
economic climates domestically and internationally. The Manager moderates this risk through
careful stock selection, diversification and daily monitoring of the market positions. For corporate
governance purposes there is also regular reporting to the Board of Directors. In addition, the
Manager has to meet the criteria of authorised investments within the prudential limits defined in
the Management Agreement.
The market risk of the Company is concentrated in Australia.
Price Risk
Price risk is the risk of gains or losses from changes in the market price of investments. The Company
is exposed to the risk of fluctuations in the underlying value of its listed portfolio companies. There
were no companies individually comprising more than 10% of Barramundi’s total assets at 30 June
2021 (2020: none).
Interest Rate Risk
Interest rate risk is the risk of movements in interest rates. Surplus cash is held in interest bearing
Australian and New Zealand bank accounts. The Company is therefore exposed to the risk of
changes in interest income from movements in both Australian and New Zealand interest rates.
There is no hedge against the risk of movements in interest rates.
Currency Risk
Currency risk is the risk that the fair value or future cash flows of an investment will fluctuate
because of changes in foreign exchange rates. The Company holds assets denominated in Australian
dollars and it is therefore exposed to currency risk as the value of these assets in Australian dollars
will fluctuate with changes in the relative value of the New Zealand dollar. The Company mitigates
this risk by entering into forward foreign exchange contracts as and when the Manager deems
it appropriate. At any time during the year the portfolio may be hedged by an amount deemed
appropriate by the Manager.
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NOTE 12 FINANCIAL RISK MANAGEMENT CONTINUED
Market Risk (continued)
Sensitivity Analysis
The table below summarises the impact on net operating profit after tax and shareholders’ equity to
reasonably possible changes arising from market risk exposure at 30 June as follows:
20212020
$000$000
Price risk
1

Australian listed equity investmentsCarrying value 185,471 140,067
Impact of a 20% change in market prices: +/- 37, 0 9 4 28,013
Interest rate risk
2

Cash and cash equivalentsCarrying value 949 2,416
Impact of a 1% change in interest rates: +/- 9 24
Currency risk
3

Cash and cash equivalentsCarrying value 13 1,888
Impact of a +10% change in exchange rates (1) (172)
Impact of a -10% change in exchange rates 1 210
Australian listed equity investmentsCarrying value 185,471 140,067
Impact of a +10% change in exchange rates (16,861) (12,733)
Impact of a -10% change in exchange rates 20,608 15,563
Forward foreign exchange contractsCarrying value 131 30
Impact of a +10% change in exchange rates 11,10 8 8,416
Impact of a -10% change in exchange rates (13,577) (10,286)
Net foreign currency payables/receivablesCarrying value 1,297 (385)
Impact of a +10% change in exchange rates (118 ) 35
Impact of a -10% change in exchange rates 14 4 (43)
1
A variable of 20% is considered appropriate for market price risk sensitivity analysis based on historical price
movements.

2
A variable of 1% was selected as this is a reasonably expected movement based on historical volatility. The
percentage movement for the interest rate sensitivity relates to an absolute change in interest rate rather than
a percentage change in interest rate.

3
A variable of 10% was selected as this is a reasonably expected movement based on historic trends in
exchange rate movements.


BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2021
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Credit Risk
Credit risk is the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company. In the normal course of its business, the Company is exposed to credit
risk from transactionswith its counterparties.
Australian listed equity investments are held by an independent custodian, Trustees Executors
Limited. All transactions in listed securities are paid for on delivery according to standard settlement
instructions and are normally settled within three business days. Dividends receivable are due from
listed Australian companies and are normally settled within a month after the Ex-Dividend date. The
Company has cash and forward foreign exchange contracts with banks registered in New Zealand
and Australia which carry a minimum short-term credit rating of S&P AA-.
The Company measures credit risk and expected credit losses using probability of default, exposure
at default and loss given default. Management considers both historical analysis and forward
looking information in determining any expected credit loss. At balance date, cash at bank was held
with counterparties with a credit rating of S&P AA- or equivalent. Trade and other receivables are
normally settled within three business days.
Management considers the probability of default to be close to zero as the counterparties have a
strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance
has been recognised based on 12-month expected credit losses as any such impairment would be
wholly insignificant to the Company.
The maximum credit risk of financial assets is deemed to be their carrying amount as reported in the
Statement of Financial Position.
Other than cash at bank, short term unsettled trades and dividends receivable, there are no
significant concentrations of credit risk. The Company does not expect non-performance by
counterparties, therefore no collateral or security is required.
Liquidity Risk
Liquidity risk is the risk that the assets held by the Company cannot readily be converted to cash
in order to meet the Company’s financial obligations as they fall due. The Company endeavours to
invest the proceeds from the issue of shares in appropriate investments while maintaining sufficient
liquidity (through daily cash monitoring) to meet working capital and investment requirements. All
trade and other payables have contractual maturities of three months or less.
Liquidity to fund investment requirements can be augmented through the procurement of a debt
facility from a registered bank to a maximum value of 20% of the gross asset value of the Company.
There were no such debt facilities at 30 June 2021 (2020: nil).
All derivative financial liabilities held by the Company have contractual maturities of three months or
less.
There have been no subsequent events to suggest any issues with satisfying working capital and
investment requirements.
Capital Risk Management
The Company’s objective is to prudently manage shareholder capital (share capital, reserves,
accumulated deficits) and borrowings (if any).
In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, undertake share buybacks, issue new
shares and secure borrowings in the short term.
The Company was not subject to any externally imposed capital requirements during the year.
Since announcing a long-term distribution policy in August 2009, the Company continues to pay 2%
of average net asset value each quarter.
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2021
NOTE 13 NET ASSET VALUE
The audited net asset value per share of Barramundi as at 30 June 2021 was $0.87 (2020:
$0.68), calculated as the net assets of $185,691,037 divided by the number of shares on issue of
213,764,688 (2020: net assets of $141,516,499 and shares on issue of 208,719,740).
NOTE 14 COMMITMENTS AND CONTINGENT LIABILITIES
There were no unrecognised contractual commitments or contingent liabilities as at 30 June 2021
(2020: nil).
NOTE 15 FINANCIAL REPORTING BY SEGMENTS
The Company operates in a single operating segment, being Australian financial investment.
The Company is managed as a whole and is considered to have a single operating segment. There is
no further division of the Company or internal segment reporting used by the Directors when making
strategic, investment or resource allocation decisions.
There has been no change to the operating segment during the year.
NOTE 16 SUBSEQUENT EVENTS
The Board declared a dividend of 1.69 cents per share on 23 August 2021. The record date for this
dividend is 9 September 2021 with a payment date of 24 September 2021.
On 1 July 2021 Barramundi appointed David McClatchy as an independent director. He replaced
Carmel Fisher, who retired from the board of directors on 6 August 2021.
There were no other events which require adjustment to, or disclosure, in these financial statements.
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PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Barramundi Limited
Our opinion
In our opinion, the accompanying financial statements of Barramundi Limited (the Company) present
fairly, in all material respects, the financial position of the Company as at 30 June 2021, its financial
performance and its cash flows for the year then ended in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards (IFRS).
What we have audited
The financial statements comprise:
●the statement of financial position as at 30 June 2021;
●the statement of comprehensive income for the year then ended;
●the statement of changes in equity for the year then ended;
●the statement of cash flows for the year then ended; and
●the notes to the financial statements, which include significant accounting policies and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the financial statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out an agreed-upon procedures engagement for the Company in relation to the
performance fee calculation. The provision of this service has not impaired our independence as
auditor of the Company.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Barramundi Limited
Our opinion
In our opinion, the accompanying financial statements of Barramundi Limited (the Company) present
fairly, in all material respects, the financial position of the Company as at 30 June 2021, its financial
performance and its cash flows for the year then ended in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards (IFRS).
What we have audited
The financial statements comprise:
●the statement of financial position as at 30 June 2021;
●the statement of comprehensive income for the year then ended;
●the statement of changes in equity for the year then ended;
●the statement of cash flows for the year then ended; and
●the notes to the financial statements, which include significant accounting policies and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the financial statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out an agreed-upon procedures engagement for the Company in relation to the
performance fee calculation. The provision of this service has not impaired our independence as
auditor of the Company.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
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PwC
Description of the key audit matter How our audit addressed the key audit matter
Valuation and existence of Australian
listed equity investments
Australian listed equity investments (the
investments) are valued at $185.5 million
and represent 98% of total assets.
Further disclosures on the investments
are included in note 2 to the financial
statements.
This was an area of focus for our audit
and an area where a significant proportion
of audit effort was directed.
As at 30 June 2021, all investments were
in companies that were listed on the ASX
and were actively traded with readily
available, quoted market prices. The
market prices were quoted in Australian
dollars, and were then translated to New
Zealand dollars using the exchange rate
at 30 June 2021.
All investments are held by Trustees
Executors Limited (the Custodian) on
behalf of the Company. Trustees
Executors Limited also provides
administration services for the Company.
Our audit procedures included updating our
understanding of the business processes employed by
the Company for accounting for, and valuing, its
investment portfolio.
We obtained confirmation from the Custodian that the
Company was the recorded owner of all the recorded
investments.
We obtained copies of and assessed Trustees
Executors Limited’s Internal Controls Reports for
Custody, Investment Accounting and Registry services
for the period from 1 April 2020 to 31 March 2021.
Trustees Executors Limited has confirmed that there
has been no material change to the control
environment in the period from 1 April 2021 to 30 June
2021.
We agreed the price for all investments held at 30
June 2021 and the exchange rate at which they have
been converted from Australian dollars to New
Zealand dollars to independent third-party pricing
sources.
No matters arose from the procedures performed.
Our audit approach
Overview
Materiality Overall materiality: $928,000, which represents approximately 0.5%
of net assets.
We chose net assets as the benchmark because, in our view, the
objective of the Company is to provide investors with a total return on
its assets, taking account of both capital and income returns.
Key audit matters As reported above, we have one key audit matter, being: Valuation
and existence of Australian listed equity investments.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls, including among other
matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
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PwC
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and in aggregate, on the financial statements as a whole.
How w e tailored our audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements of the Company as a whole, taking into account the structure of the
Company, the Company’s investments and the accounting processes and controls.
The Company appointed Fisher Funds Management Limited as the Manager to provide investment
management services and administration services. The Company’s investments are held by the
Custodian, who also provides accounting services.
In completing our audit, we performed relevant audit procedures over the control environment of the
Manager and the Custodian and to support our audit conclusions.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the annual report but does not include the financial statements and our
auditor's report thereon. The annual report is expected to be made available to us after the date of this
auditor's report.
Our opinion on the financial statements does not cover the other information and we will not express
any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
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PwC
In preparing the financial statements, the Directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a
whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditorsn-responsibilities/audit-report-2/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Philip Taylor.
For and on behalf of:
Chartered Accountants
23 August 2021
Auckland
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SHAREHOLDER INFORMATION
SPREAD OF SHAREHOLDERS AS AT 9 AUGUST 2021
Holding Range
# of
Shareholders# of Shares% of Total
1 to 999237101,0830.05
1,000 to 4,9996641,705,0500.80
5,000 to 9,9998996,093,8602.85
10,000 to 49,9992,37854,316,01125.41
50,000 to 99,99954737,563,04217. 57
100,000 to 499,99941376,018,96935.56
500,000 +3437,9 6 6 , 6 7 317.76
TOTAL5,172213,764,688100.00
20 LARGEST SHAREHOLDERS AS AT 9 AUGUST 2021
Holder Name# of Shares% of Total
ASB NOMINEES LIMITED <ACCOUNT 340941 - ML>6,336,2042.96
CUSTODIAL SERVICES LIMITED <A/C 4>3,459,6151.62
NEW ZEALAND DEPOSITORY NOMINEE LIMITED
<A/C 1 CASH ACCOUNT>
2, 427,70 61.14
FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY>1,870,5300.88
FNZ CUSTODIANS LIMITED1,739,2180.81
TAREWAI FISHING COMPANY LIMITED1,536,6710.72
IVOR ANTHONY MILLINGTON1,400,0000.65
FRANZ CHRISTIAN ELIAS1,30 0,0340.61
ROGER GEORGE JOBSON1,10 0,9150.52
LEWIS TAIT SUTHERLAND1,000,0000.47
LEVERAGED EQUITIES FINANCE LIMITED995,7730.47
DEREK JOHN SMITH & MAUREEN MARGARET SMITH902,7300.42
ANTHONY JOHN SIMMONDS & MAUREEN SIMMONDS
<AJ & M SIMMONDS PARTNERSHIP A/C>
808,9950.38
WILLIAM EDWARD ATKINS800,0000.37
MIRJANA VILKE779,6000.36
LAPAUGE LIMITED743,7830.35
COLIN ALEXANDER GREIG733,8250.34
BARRY NEVILLE COLMAN710,0000.33
ALAN PETER SCOTT700,0000.33
IVAN WILLIAM FOX699,5320.33
TOTAL3 0,0 45,13114.06
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SHAREHOLDER INFORMATION CONTINUED
SPREAD OF WARRANT HOLDERS AS AT 9 AUGUST 2021
Holding Range
# of
Warrant holders# of Warrants% of Total
1 to 999630262,6130.50
1,000 to 4,9991,7964,654,9818.86
5,000 to 9,9998005,615,50710.69
10,000 to 49,99995219, 410,16236.95
50,000 to 99,9991147,9 5 7, 8 5 715.15
100,000 to 499,999599,845,40518.74
500,000 +44,786,3939.11
TOTAL4,35552,532,918100.00
20 LARGEST WARRANT HOLDERS AS AT 9 AUGUST 2021
Holder Name# of Warrants% of Total
ANTHONY JOHN SIMMONDS & MAUREEN SIMMONDS
<AJ & M SIMMONDS PARTNERSHIP A/C>
2,083,6723.97
ASB NOMINEES LIMITED <ACCOUNT 340941 - ML>1,123,14 42.14
CUSTODIAL SERVICES LIMITED <A/C 4>885,4351.69
TAREWAI FISHING COMPANY LIMITED69 4,1421.32
FNZ CUSTODIANS LIMITED427, 3170.81
RUSSELL NOEL HARRIS & ELLEN CHRISTINE HARRIS365,9640.70
FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY>364,9470.69
ROBERT LAURENTIUS JOHANNES BRUIN & ANNEMARIE BRUIN300,0000.57
NEW ZEALAND DEPOSITORY NOMINEE LIMITED
<A/C 1 CASH ACCOUNT>
299,2010.57
ROGER GEORGE JOBSON275,2290.52
ROSEMARY HELEN WESKETT270,0000.51
ALLAN JOHN SMITH & TRUDIE JOAN SMITH <ALLSMI A/C>250,0000.48
HOE SENG LIM241,6880.46
NEIL BARRY ROBERTS225,0000.43
PATRICIA SUAT KIAUR LOW203,9370.39
ROGER ALLAN PALMER & WENDY ROSLYN PALMER203,6960.39
BRUCE ROBERT MAULE200,0000.38
LEO ADRIAN KOPPENS200,0000.38
RODNEY VALENTINO DENNIS OLLIFF189,2060.36
GRAEME EDWARDS & GRAEME RAMSEY <G R EDWARDS FAMILY A/C>187,5000.36
TOTAL8,990,07817.11
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2021

DIRECTORS’ RELEVANT INTERESTS IN EQUITY SECURITIES AS AT 30 JUNE 2021
STATUTORY INFORMATION
INTERESTS REGISTER
Barramundi is required to maintain an interests register in which the particulars of certain transactions and matters
involving the directors must be recorded. The interests register for Barramundi is available for inspection at its
registered office. Particulars of entries in the interests register as at 30 June 2021 are as follows:
Ordinary SharesWarrants
Held Directly
Held by Associated
PersonsHeld Directly
Held by Associated
Persons
A B Ryan
(1)
16,32114 4,7233,89034,491
C M Fisher
(2)
6,336,2041,123,14 4
C A Campbell
(3)
123,24529,372
R A Coupe
(4)
93,93422,387
(1)
A B Ryan purchased 6,629 shares on market in the year ended 30 June 2021 as per the Barramundi share purchase plan
(purchase price $0.75). A B Ryan and associated persons acquired 10,302 shares in the year ended 30 June 2021, issued
under the dividend reinvestment plan (average issue price $0.91). A B Ryan was allocated 38,381 warrants in the year ended
30 June 2021.
(2)
Associated persons of C M Fisher purchased 1,843,629 shares on market in the year ended 30 June 2021. Associated
persons of C M Fisher were allocated 1,123,144 warrants in the year ended 30 June 2021.
(3)
C A Campbell purchased 4,969 shares on market in the year ended 30 June 2021 as per the Barramundi share purchase
plan (purchase price $0.75). C A Campbell acquired 7,884 shares in the year ended 30 June 2021, issued under the dividend
reinvestment plan (average issue price $0.91). C A Campbell was allocated 29,372 warrants in the year ended 30 June 2021.
(4)
R A Coupe purchased 4,969 shares on market in the year ended 30 June 2021 as per the Barramundi share purchase
plan (purchase price $0.75). R A Coupe acquired 6,009 shares in the year ended 30 June 2021, issued under the dividend
reinvestment plan (average issue price $0.91). R A Coupe was allocated 22,387 warrants in the year ended 30 June 2021.
DIRECTORS HOLDING OFFICE
Barramundi’s directors as at 30 June 2021 were:
• A B Ryan (Chair)
• C M Fisher
• C A Campbell
• R A Coupe
During the year, there were no appointments to the board. However, on 19 April 2021, Carmel Fisher advised the
board of her intension to retire as a director of Barramundi, effective from 6 August 2021. As a result of Carmel
Fisher’s retirement, the board has appointed David McClatchy as an independent director of the Company effective
from 1 July 2021. In accordance with the Barramundi constitution and NZX Listing Rules, David will stand for
election at the 2021 Annual Shareholders’ Meeting.
In accordance with the Barramundi constitution, at the 2020 Annual Shareholders’ Meeting, Andy Coupe retired
by rotation and being eligible was re-elected. Carol Campbell retires by rotation at the 2021 Annual Shareholders’
Meeting and being eligible, offers herself for re-election.
DIRECTORS’ INDEMNITY AND INSURANCE
Barramundi has arranged Directors’ and Officers’ liability insurance covering directors acting on behalf of
Barramundi. Cover is for damages, judgements, fines, penalties, legal costs awarded and defence costs arising
from wrongful acts committed while acting for Barramundi. The types of acts that are not covered include
dishonest, fraudulent, malicious acts or omissions, and wilful breach of statute or regulations.
Barramundi has granted an indemnity in favour of all current and future directors of the Company in accordance
with its constitution.
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Annual Report |
2021

DIRECTORS’ RELEVANT INTERESTS
The following are relevant interests of Barramundi’s Directors as at 30 June 2021:
A B RyanKingfish LimitedChair
Marlin Global LimitedChair
FMA Audit Oversight CommitteeMember
C M FisherKingfish LimitedDirector
Marlin Global LimitedDirector
Rembrandt SuitsDirector
C A CampbellKingfish LimitedDirector
Marlin Global LimitedDirector
T&G Global LimitedDirector
Hick Bros Holdings Limited & subsidiary companies Director
Woodford Properties LimitedDirector
alphaXRT LimitedDirector
New Zealand Post LimitedDirector
Key Assets FoundationTrustee
Key Assets NZ LimitedDirector
Kiwibank LimitedDirector
Asset Plus LimitedDirector
Nica Consulting LimitedDirector
NZME LimitedDirector
Cord Bank LimitedDirector
T&G Insurance LimitedDirector
Bankside Chambers LtdDirector
Chubb Insurance New Zealand LimitedDirector
R A CoupeKingfish LimitedDirector
Marlin Global LimitedDirector
New Zealand Takeovers PanelChair
Coupe Consulting LimitedDirector
Briscoe Group Limited Director
Television New Zealand LimitedChair
STATUTORY INFORMATION CONTINUED
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Annual Report |
2021